Chainlink Price Eyes a 120% Surge as Founder Spots $350T Opportunity Ahead of SWIFT Pilot

Chainlink (LINK), one of the top blue-chip cryptocurrencies, has crashed by double digits from its December highs. This drop is primarily because of the ongoing crypto sell-off. Still, the Chainlink price may bounce back over time, helped by a $350 trillion opportunity sported by Sergey Nazarov, its founder. Also, Chainlink is about to start a trial with SWIFT, and is part of the holdings by the US government.

Chainlink Price May Rise as a $350 Trillion Opportunity Emerges

Sergey Nazarov, Chainlink’s founder, believes that the oracle network will play a role in the future of finance. This industry will marry the blockchain technology with traditional finance, creating a $350 trillion opportunity. He said:

“We don’t want our industry to be about $3.5 trillion. We want it to be about $35 billion, and eventually $350 billion. To do this at this stage of the game, generating crypto tokens will benefit and do some of that, but won’t take us to $10 trillion. What will take us there is if all regulated asset value come together. Chainlink as a technology stack will be important for implementing that flow of value.”

Chainlink is already working on large industries. For example, it is already working with SWIFT Network, a society that moves transacts over $150 trillion annually. The two entities will conduct a vendor system test on May 2nd and a pilot system on July 19. UBS, the biggest wealth manager globally, is part of this Chainlink and SWIFT pilot. After that, they will release the MX standards in November.

SWIFT hopes that using blockchain technology will be an essential part of the financial services in the future.

Meanwhile, Chainlink price may benefit from being included in US government’s assets. Arkham data shows that wallets linked to the US government holds over 100k LINK tokens currently worth over $1.7 million. This means that LINK may become part of Donald Trump’s digital stockpile.

LINK Price Megaphone Pattern Points to a Rebound

The weekly chart shows that the Chainlink price bottomed at $5.25 between May 2022 and June 2023. It has bounced back, and formed two higher highs, and two higher lows. The ongoing retreat is part of the third higher low.

LINK price has formed a megaphone pattern, which is a popular bullish continuation sign. This pattern is made up of two ascending and diverging trendlines, and historically, it often leads to a strong bullish breakout. 

Therefore, it is likely that the Chainlink price will drop and retest the lower side of the megaphone and then rebound. If this happens, the most viable LINK price forecast is it rising to $31, up by about 120% from the current level. This price is its highest level in December. 

The bullish view will become invalid if the price of Chainlink drops below the lower side of the megaphone. Such a drop will see it retreat to the key support level at $5.25, the lowest level in 2022 and 2023.