Chainlink (LINK) is currently navigating a price range between $13.08 and $16.00. However, recent developments suggest that the decentralized information processing platform might have more upward potential. The recent price surge adds weight to this speculation.
What Do Successful Tests Indicate?
Recent tests conducted with DTCC and prominent US banking institutions signal significant potential for Chainlink. The successful completion of these tests, involving companies like American Trust Custody, Edward Jones, and JPMorgan, aims to expedite the tokenization of assets. The collaboration includes major players such as Franklin Templeton and BNY Mellon, paving the way for notable advancements.
These tests enabled Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to act as an abstraction layer among multiple blockchains, facilitating integration with DTCC now and in the future. Co-founder Sergey Nazarov highlights the significance, noting that key market participants are solving real-world problems by integrating blockchains, smart contracts, and Oracle networks.
LINK Price Surpasses $15: What’s Next?
Chainlink’s price surged by 10% in the past 24 hours, supported by Bitcoin‘s stability above $65,500. Indicators such as the Relative Strength Index (RSI) above 50 and the Moving Average Convergence Divergence (MACD) above the signal line suggest a bullish trend in the LINK market. This positive momentum could lead to further price increases if sustained.
Key Takeaways for Investors
Investors should note the following insights:
- Chainlink’s successful tests with DTCC and major banks could lead to significant breakthroughs.
- The current technical indicators suggest a bullish trend for LINK.
- Overcoming the $16.863 resistance level could transform it into support and attract more buying interest.
- Potential price targets include the $20.702 barrier if bullish momentum continues.
- Be cautious of potential consolidation if investors start cashing in their gains.
If the Chainlink price faces consolidation due to profit-taking, it could drop. A decisive candlestick closing below $13.080 might raise concerns among investors. However, the upward potential remains strong if the bullish trends sustain and overcome key resistance levels.