Chainlink (LINK) Price Eyes Rally To $44 Amid This Crucial Partnership

The Chainlink price targets $44 as the platform enters into a strategic partnership with the Abu Dhabi Global Market (ADGM).
By Nynu V Jamal
Chainlink Price To Hit $26 If LINK Breaks Past This Crucial Level

Highlights

  • Chainlink price targets $44 amid key collaboration with Abu Dhabi Global Market (ADGM).
  • The LINK price saw a notable surge of 8% over the past seven days.
  • If LINK maintains its positive sentiment, the token could soon reach $25.

The Chainlink (LINK) price has seen a significant surge after partnering with Abu Dhabi’s ADGM. This sparks a bullish sentiment signaling a major rally ahead. Experts remain optimistic about LINK’s future trends and predict that Chainlink will soon ascend to new highs.

Let’s unveil Chainlink’s recent Abu Dhabi partnership and its potential implications on the LINK price.

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Chainlink (LINK) Price Sees Major Rally: Is $44 the Next Target?

Driven by recent developments, the Chainlink (LINK) price has seen a significant uptrend. With its price increasing by more than 8% in a week, Chainlink is expected to continue its bullish path.

Recently, an analyst, known on X as CW, spotted a bull flag pattern on Chainlink’s one-day chart. While $12 serves as a crucial support level for the Chainlink price, the rally past the mark indicates the token’s potential upward trend. CW also pinpointed $18 as a resistance level, predicting that if Chainlink surpasses this point, it could soar to $44.

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What Moves LINK Price Up?

In the latest development within the Chainlink ecosystem, the platform entered into a strategic partnership with the Abu Dhabi Global Market (ADGM) to promote tokenization in the UAE. As part of the collaboration, Chainlink and ADGM have signed an MoU to create a secure and legally sound environment for asset tokenization in financial markets.

Significantly, ADGM will provide regulatory guidance, frameworks for secure tokenization, and expertise in asset tokenization. At the same time, Chainlink will contribute its technical expertise, blockchain-based solutions, and tokenization infrastructure.

Acknowledging ADGM’s resilient infrastructure, Angie Walker, Senior Executive Officer at Chainlink Labs Abu Dhabi, stated,

Our alliance will elevate the blockchain ecosystem in the UAE, driving greater innovation and adoption. We are excited to see projects under the purview of ADGM Registration Authority adopt the Chainlink standard, enabling seamless compliance, enhanced connectivity across markets, and highly secure on-chain services.”

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Chainlink Future Trends: Analyst Insights

LINK price today traded at $15.31, up 0.31% over the past day. The Chainlink price has experienced an 8.3% surge over the past week despite a monthly decline of 14%. The 24-hour trading volume, currently at $339.14 million, has seen a slight increase of 1.59%. As per a LINK price prediction, the crypto may not witness massive gains ahead based on the current trends.

Reflecting on this positive sentiment, analysts like CW foresee a major bullish upswing. Analyst Marzell provided a detailed analysis of Chainlink presenting a weekly chart. According to him, LINK is currently trading within a clear rising wedge structure, having just bounced off the 0.786 Fibonacci level at $13.55. This level is historically a strong retracement zone.

Can Chainlink (LINK) Price Hit $44 Amid This Crucial Partnership?
Source: Marzell, X

As this surge aligns with the lower trendline support, it hints at a potential continuation of the upward momentum. If this trend is sustained, the Chainlink price could hit $25.80, $32.66, and $40.70.

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Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
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