Top Reasons Why Chainlink (LINK) Is Trending Today?

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Chainlink Defies Broader Market Correction, LINK Price Eyes $20 Breakout – Crypto News

Published

11 months ago

May 28, 2024

Dripp

Oracle service provider Chainlink has made a strong move defying the border market correction and gaining by 6% in the last 24 hours. As of press time, the Chainlink (LINK) price is trading 5.84% up at $18.21 with a market cap of $10.6 billion and its daily trading volume soaring by 132% all the way to $850 million.

LINK Price Eyes 150% Gains

The strong bounce back in the Chainlink price comes a crucial support levels with analysts expecting gains anywhere between 150% to 300% in the future.

Crypto analyst Michael van de Poppe has shared his insights on Chainlink’s recent performance, stating, “Chainlink woke up from the crucial area of support. Likely, there’s going to be continuation and the low is in. From this point, I wouldn’t be surprised with a 150-300% price increase”.

Chainlink Shares Space With SWIFT

Chainlink’s recent surge is likely driven by bullish sentiment among LINK holders and supporters following the announcement of Chainlink’s co-presentation with international payments platform Swift at this week’s Consensys conference in Austin, Texas.

This collaboration, which began last fall, has demonstrated that “existing infrastructure can merge with the new world of blockchains,” according to Chainlink. Project co-founder Sergey Nazarov also expressed optimism for Ethereum and digital assets over the weekend, following the historic approval of Ethereum exchange-traded funds (ETFs), stating that it’s “really just the beginning.”

Chainlink has shown significant progress, recently highlighting its network’s advancements across nine different blockchains, including Ethereum, Arbitrum, Polygon, and Base.

Additionally, earlier this month, the Depository Trust & Clearing Corporation (DTCC), the largest settlement and clearinghouse in the U.S., announced its use of Chainlink’s cross-chain interoperability protocol in collaboration with Wall Street giants JP Morgan and BNY Mellon as part of a tokenization pilot. This pilot, known as Smart NAV, enabled Wall Street institutions to make mutual fund data available on public networks.

In its latest weekly research newsletter, crypto investment firm 21Shares spotlighted Chainlink, praising it for “revolutionizing the realm of tokenization.” The firm credited Chainlink with facilitating over $10 trillion in transactions across more than 2,000 projects spanning 22 different networks

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