Chainlink Price Targets $20 as SBI Digital Markets Partners to Bridge TradFi and DeFi

Chainlink price hovered steady above the $14 mark on November 6, following a modest 24-hour recovery across the broader crypto market.This recovery saw Chainlink pick up following the adoption of the network by SBI Digital Markets with an aim of connecting traditional finance (TradFi) and decentralized finance (DeFi).

Meanwhile, the cryptocurrency market saw a 1.37% increase in the global market, which shows that it is recovering following a bearish week. Bitcoin price hovered above $103k, as the Ether traded around $3,300. Other altcoins such as XRP price also registered minor positive returns as Ripple CEO Brad Garlinghouse discloses 2026 plans.

Chainlink Partners with SBI Digital Markets to Bridge Financial Worlds

Chainlink has announced a pivotal partnership with SBI Digital Markets, a subsidiary of Japan’s SBI Group. This partnership will utilize the Cross-Chain Interoperability Protocol (CCIP) of Chainlink to facilitate a smooth transfer of tokens across the traditional and decentralized financial systems.

The digital unit of the financial powerhouse, SBI Group, SBI Digital Markets has decided to deploy the CCIP of Chainlink as the main infrastructure. The ruling indicates a powerful shift towards a managed digital asset system including cross-chain functions. The collaboration represents a milestone in bridging regulated financial markets and decentralized blockchain networks.

UBS is another company that has been using the infrastructure of Chainlink and made a historic transaction in the blockchain sector. The global banking institution completed its initial live deal based on the Chainlink-powered Digital Transfer Agent (DTA) standard of tokenizing a fund. This was a deal between uMINT, a tokenized money market fund offered by UBS and was facilitated with DigiFT, an approved on-chain fund platform.

Recent and potential collaborations of Chainlink, such as recent compliance-based programs in Bermuda and Japan are regarded as major adoption triggers. These actions are an indication of increasing institutional belief in the technology of Chainlink as a means of connecting the old financial system with blockchain breakthrough.

Chainlink Price Eyes $20 Amid Slight Market Recovery

At the time of writing, the LINK price traded at $14.99, showing a slight recovery of 1% over the past 24-hours. Chainlink price has begun to show signs of recovery after bouncing from a critical support level around $14. 

At present, Chainlink price is trading in a consolidation zone, whereby the price of $14 and the price of $17 are the solid level of support and resistance respectively. Failure to regain this position can present LINK to additional downside risks below $14.

An effective break higher than $17 may lead to an upward movement towards $20, which will mean an upward movement of about 33% above the present price. The long-term Chainlink outlook is optimistic as the crypto market recovers and LINK partnership with SBI digital market.

The Relative Strength Index (RSI) stands at 38, which is now back in steady recovered oversold ground. The slope of the RSI and its moving average also indicate that the momentum has been getting better pointing to the possibility of a shift in sentiment.

The MACD is rising over its signal line, and the histogram becomes positive. Although the MACD and signal lines are still at a lower position than zero, this cross over is a classic early bullish sign. Further upward trend would justify short-term upswing.