LINK Price Surges 7% As DTCC And Chainlink Wrap Up Pilot Program

While many cryptocurrencies have been under pressure, the LINK price is bucking the trend, rising over 30% in the past 14 days. Chainlink has long been one of the strongest coins in terms of fundamentals. With over 800 projects integrating Chainlink oracles, it’s only a matter of time before the price fully reflects its strong fundamentals. Currently, the LINK’s price is $18.02, representing a 7% increase in the past 24 hours and an 8% increase over the past 7 days.

LINK Price Poised To Extend Gains by As Much As 25%

Chainlink price recovered from a nasty 37-day consolidation that lasted from April 10 to May 17. A change in overall market sentiments saw the king of oracles break out of the range in an explosive move.

Over the following 10 days, Chainlink’s price continued to push upwards in a slow ascent that formed an ascending triangle. The LINK price action is trending steadily above the 50-day and 200-day moving averages, reinforcing the bullish narrative.

The asset broke out of the ascending triangle on May 27, pushing higher. According to the rules of technical analysis concerning the ascending triangle, the LINK price may rise and touch $22.

The LINK relative strength index (RSI) is at the 60 level, also showcasing a bullish trend.

What’s Causing Chainlink Price Revival?

The Chainlink price surge coincides with a May 16 announcement from the Depository Trust and Clearing Corporation (DTCC) the biggest settlement and clearinghouse in the U.S. The report revealed that the government agency is working with Chainlink on a blockchain pilot project. 

Named the Smart NAV Pilot, this project aims to create a standardized method for offering the net asset value of tokenized funds across blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

If you still doubt onchain is the next online, you’re missing it.

Case in point – the DTCC’s SmartNAV.

A summary:
Chainlink announced an industry pilot with The DTCC and 10 of the world’s largest financial institutions leveraging Chainlink CCIP.

—
The DTCC is a massive… pic.twitter.com/c2BXYnG4hr

— Michael Robinson ⬡ (@77MichaelR) May 16, 2024

The successful results mean that RWA and asset tokenization of things like mutual funds have become easier and much much more efficient (cost savings). Also, the Ethereum ETF approval news could have played a crucial part as most Ethereum coins pumped. 

These with the news of Chainlink co-presenting with Swift in the Consensus 2024 have left investors optimistic.

15,000+ people from 100+ countries are attending @consensus2024.

We are excited to be on the ground with multiple events and experiences, including a @SergeyNazarov keynote and a fireside chat with Swift.

Plan your schedule around everything Chainlink ⬇️https://t.co/pmL1CgeoJZ pic.twitter.com/WwSqUJsg2H

— Chainlink (@chainlink) May 27, 2024

The price of Chainlink has retested the top of the ascending triangle, a confirmation pattern for a bullish continuation trend. 

Up ahead, LINK price may expect to meet with key resistance points around the $18, $19, and $20 pivot points. 

In an inverse scenario, Chainlink price may find support lower around the 50-day SMA ($17), the 200-day SMA ($15), and the $14 and $13 pivot points. These would all serve as points for price action to bounce off and move higher,

Bottom Line

This bullish Chainlink price momentum comes amidst a broader crypto market correction where the entire crypto market cap shed off 1.61% of its value. Chainlink’s resilience could be a sign of its underlying strength and potential for future growth.