Leading oracle service provider Chainlink (LINK) has made a notable move against the market downturn by rising 6% in the last 24 hours. At the time of writing, LINK is trading at $18.21 with a 5.84% increase and a market capitalization of $10.6 billion. The daily trading volume has surged by 132%, reaching $850 million.
LINK Price Eyes 150-300% Increase
The recent recovery in Chainlink’s LINK price comes from a significant support level, with analysts predicting substantial potential gains. Cryptocurrency analyst Michael van de Poppe highlighted this strong performance, noting that Chainlink has risen from a critical support area. He forecasted that this momentum could continue, potentially leading to a 150-300% increase in LINK’s price.
One of the key factors behind Chainlink’s recent rise is the positive sentiment among investors following the announcement of its joint presentation with international payment platform SWIFT at the Consensys conference in Austin, Texas. This collaboration, which began last fall, demonstrated the potential to integrate existing financial infrastructure with Blockchain technology. Chainlink co-founder Sergey Nazarov expressed optimism about the future of Ethereum (ETH) and cryptocurrencies, especially after the historic approval of spot Ethereum exchange-traded funds (ETFs).
Developments Surrounding Chainlink
Chainlink is showcasing significant developments across multiple Blockchains, including Ethereum, Arbitrum (ARB), Polygon (MATIC), and Base. These developments have increased confidence in the network’s features and future prospects.
Earlier this month, the United States’ largest clearing and settlement organization, the Depository Trust & Clearing Corporation (DTCC), announced its use of Chainlink’s cross-Blockchain interoperability protocol. This initiative, conducted in collaboration with Wall Street giants JP Morgan and BNY Mellon, is part of a tokenization pilot known as Smart NAV. This pilot allows Wall Street institutions to make investment fund data available on public networks, further highlighting Chainlink’s utility in mainstream financial markets.
Moreover, cryptocurrency investment firm 21Shares emphasized Chainlink’s impact in the tokenization space in its latest weekly research bulletin. The company noted that Chainlink has facilitated over $10 trillion in transactions across more than 2,000 projects on 22 different networks. This widespread adoption underscores Chainlink’s significant role in the growing cryptocurrency ecosystem.
