Blockchain-based payment services are set to become even more widespread in the future, and companies in this field are already preparing. Giants like Visa, Mastercard, SWIFT, and others have found partners for cryptocurrencies. Despite the relentless bear markets, these giants, who believe that this technology will be widely used in the future, are taking important steps. However, the unforgiving nature of bear markets continues to crush the relevant cryptocurrencies.
Chainlink (LINK) price could not permanently break through the $6 resistance zone in the midst of the bearish winds dominating the altcoin markets. Critical on-chain metrics provide significant signals about the price trajectory. Recently, Swift network announced that it successfully conducted tokenization tests in collaboration with Chainlink, CitiBank, and other global financial institutions. A few days later, the price of LINK temporarily surpassed the $6 zone on September 4th.
On August 31st, the global payment processing platform SWIFT released the results of transaction tests involving the use of Chainlink infrastructure to facilitate tokenized value transfers across multiple public and blockchain networks. The test included CitiBank and some other global financial institutions.
According to the Santiment chart, crypto whales with balances ranging from 100,000 to 1 million LINK held only 188 million tokens as of August 30th. After Swift’s report, they added 2 million LINK Coins to their balances.
The timing of these purchases also indicates increased confidence in Swift’s recent update playing a central role in facilitating large-scale collaboration between Chainlink and DeFi and TradFi institutions. If whales continue to buy, the increasing market liquidity can drive the LINK price to new highs in the coming weeks.
At the time of writing, the price finds buyers just below the critical zone of $6.14. If the price surpasses this zone and can close above $6.43, the recovery may continue towards $6.81 and $7.39. The next targets are at $7.71 and $8.2. For now, the support of $5.88 keeps the decline in check.
Below this zone, there are support levels at $5.6 and $5. BTC, on the other hand, continues its negative trend at $25,715 at the time of writing.