Chainlink’s Collaboration with Swift and Financial Institutions Sparks Positive Momentum for LINK Token

Chainlink’s Collaboration with Swift and Financial Institutions Sparks Positive Momentum for LINK Token

Crypto News – Chainlink has made an exciting announcement regarding its collaboration with Swift, a major player in the financial world, and more than a dozen leading financial institutions. Together, they have successfully demonstrated the efficient and secure transfer of tokenized value across both public and private blockchains, utilizing the Cross-Chain Interoperability Protocol (CCIP).

Swift, in particular, has showcased its ability to provide a unified access point to multiple networks, leveraging existing secure infrastructure. This achievement is significant as it significantly reduces the operational challenges and investments required for institutions to support the development of tokenized assets.

The positive developments surrounding Chainlink have had a notable impact on its native token, LINK. As of the time of writing, LINK is trading at $14.26, according to CoinMarketCap. This represents an impressive 147.02% increase over the past seven days. However, the token has experienced a minor setback in the last 24 hours, losing 4.26% of its value within that timeframe. Analyzing the 4-hour LINK/USD chart, there is potential for LINK to stage a recovery.

One bullish indicator is the Aroon Up (orange) surpassing the Aroon Down (blue). Typically, such a crossover is considered a positive sign. This bullish outlook is further strengthened by the Aroon Up and Down indicator readings. Currently, the Aroon Up reading stands at more than 70, while the Aroon Down reading is below 30.

For those seeking entry points, the 0.618 Fibonacci retracement level provides valuable insights. According to the chart displayed above, traders may consider entering the market around $13.83, provided that the current selling pressure brings LINK to this zone. Alternatively, purchasing around the $14 mark could also be a favorable option. If buying pressure materializes around $13.83 or $14, there is potential for LINK to surpass the $16.50 mark.