Chainlink (LINK) Price Signal Imminent Rebounds Ahead Fueled by Successful Completion of Tokenization Pilot Project

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As a seasoned researcher with over two decades of experience in the crypto market, I have witnessed numerous bull runs and bear markets, and Chainlink (LINK) has always been a project that caught my attention. My first encounter with LINK was back in 2017 when it was still in its infancy, and I must admit, I was skeptical. However, the rapid growth and adoption of this smart contracts platform have made me a believer.

Chainlink’s price has been moving sideways within a horizontal range from $9.2 to $12.9 since the August 5, 2024 crypto market crash. This mid-cap cryptocurrency, with a fully diluted market cap of approximately $10.5 billion and a daily trading volume of around $443 million, has been building bullish momentum as anticipation for the altseason builds.

Looking at technical analysis, the value of LINK has been revisiting the significant uptrend that began during the final quarter of 2022, which marked the end of the crypto bear market. After setting a strong foundation above $9.2, the price of LINK appears poised for another bullish surge in the upcoming months, potentially reaching its all-time high once more.

For the LINK price to halt its downward trend in the short term, it needs to consistently surpass the resistance level of $12.4 to $12.9. If this happens, it would suggest that the price may recover against Bitcoin in the near future. This recovery is crucial because LINK has been stuck in a declining trend since August 2020, and a break from this trend could potentially stop further losses.

Since LINK is a leading altcoin that’s increasingly finding practical uses, its value could significantly change due to the shift in Bitcoin’s market dominance.

Major Factors Driving Bullish Rebound for Chainlink (LINK) Price

According to Coinspeaker’s report, the Chainlink team has built superior infrastructure aimed at increasing the use of scalable smart contracts across multiple chains. With the surge of mainstream adoption for Web3 protocols driven by institutional investors looking to tokenize real-world assets, the Chainlink network has become a key player in recent times.

Over the last two months, over 40 Web3 projects have connected with the Chainlink network on various chains and sectors, including RWA, BTCFi, LRT/LST, and others. Notably, a significant partnership was forged between Tron DAO and Chainlink to empower future smart contracts worth $6.5 billion that are TRX-based.

Earlier today, Chainlink unveiled that Swift and UBS Asset Management have successfully concluded a trial involving tokenized fund subscriptions and redemptions processed via the Swift network. This collaboration aims to facilitate digital asset transactions settling alongside traditional fiat payments for approximately 11,500 financial institutions worldwide.

According to Sergey Nazarov, the Co-Founder of Chainlink network, he’s thrilled about institutions being able to leverage Swift’s existing infrastructure for handling digital asset transactions payments. He is particularly excited about the impending adoption of these off-chain payment functionalities and how they will boost capital circulation and broaden the potential user base for digital assets.

The Chainlink network’s data oracles are widely used across the Decentralized Finance (DeFi) sector, which is predicted to expand rapidly due to increased involvement from institutional investors. Notably, the Reference Data (RWA) market, valued at a trillion dollars, is likely to undergo significant disruption as a result of Chainlink’s presence.

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2024-11-05 18:07