As a seasoned crypto investor with a background in financial markets, I’m closely watching the developments at the Consensys 2024 conference, specifically the rumored partnership between Chainlink and SWIFT. The potential collaboration between these two entities could be a game-changer for LINK‘s market performance.
At the Consensys 2024 conference starting this week in Austin, Texas, there’s palpable excitement among the LINK community regarding a potential groundbreaking collaboration between Chainlink and SWIFT. Rumors swirl that this announcement, scheduled for May 30 during the tokenization session, could markedly impact LINK’s market trends.
Chainlink And Swift Partnership Going To The Next Level?
As a researcher, I’m excited to share that I’ll be attending an intriguing session at the Austin Convention Center’s Mainstage. The topic is “How Swift and Chainlink Are Collaborating to Release Tokenized Assets on a Grand Scale.” I’ll have the pleasure of learning from two industry experts: Jonathan Ehrenfeld, SWIFT’s Head of Securities and Digital Assets Strategy, and Sergey Nazarov, Co-Founder of Chainlink.
During this interaction, we will delve into how these two entities are working together to link conventional financial structures with the growing multi-chain economy. This collaboration is essential as it paves the way for a global network supporting on-chain finance for tokenized assets. By doing so, it may simplify and fortify cross-chain transactions.
In June 2023, SWIFT, in collaboration with prominent financial institutions such as BNP Paribas and BNY Mellon, carried out a string of fruitful experiments. During these tests, they displayed SWIFT’s capability to serve as a unified entryway for diverse blockchain networks. The trials involved transferring tokens among and between various blockchain systems, marking progress towards the seamless integration of digital assets on a global scale.
Chainlink’s role as a pioneer in supplying on-chain data and facilitating cross-chain compatibility makes it an essential collaborator for SWIFT, the long-standing foundation for global financial messaging used by more than 11,000 banks. The upcoming announcement is rumored to focus on enhancing this partnership through the introduction of new protocols or a mainnet launch.
At the upcoming conference on May 29, Sergey Nazarov joins Carlos Domingo, CEO of Securitize, in a thought-provoking discussion named “Building the Tokenized Asset Economy | Chainlink and Securitize.” During this session, they will explore the vast potential of tokenization, estimated to be worth trillions of dollars. Nazarov and Domingo will share insights on how blockchain projects and financial institutions can effectively optimize their approaches to this transformative technology.
The $47 million investment round led by BlackRock for Securitize, occurring alongside the launch of BlackRock’s first tokenized fund on Ethereum (BUIDL), highlights the surging attention and financial commitment towards blockchain and tokenization technologies. Securitize represents another significant player in the realm of tokenization that Chainlink could potentially collaborate with.
LINK Price Is Ready To Skyrocket
The results of these meetings and the expected declaration have the potential to greatly influence the value of LINK. It’s worth mentioning that LINK currently looks favorable in its daily price chart.
On May 16, the price of LINK surpassed the declining trendline that had restrained its growth for around two months. This downtrend line started in mid-March and served as an obstacle for any bullish trends, repeatedly pushing back the price until the breakthrough occurred.
After an essential price surge, LINK experienced a change in direction as it started climbing towards increased value peaks. Of significance, the price ascended to hit the 0.5 Fibonacci resistance level. This level, calculated from the early March peak to the mid-April trough, is approximated at around $17.41. This critical point has emerged as a significant focus for both traders and analysts.
After surpassing the $0.5 mark in its price, which is a significant level based on Fibonacci retracement analysis, LINK has entered a period of stabilization. During this time, its value has oscillated between the $0.5 and $0.382 levels—approximately at $16.13. The back-and-forth price action reflects an ongoing struggle between buyers attempting to push the price upwards and sellers looking to pull it down, as they vie for control over the market trend.
If the stock price manages to convincingly surpass its current level, it may indicate the continuation of the bullish trend, possibly resulting in additional growth with potential targets at $18.70 (representing a 61.8% Fibonacci retracement), $20.53 (representing a 78.6% Fibonacci retracement), and $22.86 (representing a 100% Fibonacci extension). Technical traders will be paying close attention to this level, as a breach could reinforce the bullish outlook and potentially lead the price towards these next Fibonacci levels.
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2024-05-27 11:46