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- Swift’s collaboration with Chainlink and 12+ financial institutions transferred tokenized value “efficiently” using CCIP.
- LINK price dropped, and continuous selling pressure could lead it below $14.
- An entry around $13.83 or $14 may be perfect before another uptrend begins.
Chainlink announced that Swift’s collaboration with the blockchain network and 12+ leading financial institutions demonstrated the ability to transfer tokenized value “efficiently” and securely across public and private blockchains using CCIP.
Swift’s successful collaboration with #Chainlink and 12+ leading financial institutions demonstrated the ability to transfer tokenized value efficiently and securely across public and private blockchains using CCIP.The onchain future for RWAs ⬇️https://t.co/yUzMZqCvSe pic.twitter.com/ye1Y0lASdb— Chainlink (@chainlink) November 21, 2023
With respect to its partnership with more than a dozen major financial institutions, market infrastructures, and Chainlink, the Swift team noted, “Swift has successfully demonstrated that it can provide a single point of access to multiple networks using existing, secure infrastructure, thereby significantly reducing operational challenges and investment required for institutions to support the development of tokenized assets.”
Top RWA Projects In Crypto (Source: CoinMarketCap)
These developments around Chainlink have also affected its native token positively. At the time of writing, LINK’s price was $14.26, according to CoinMarketCap. This represents a 147.02% increase in the last seven days. However, the last 24 hours have not been the best for the token. This is because it lost 4.26% of its value within the said time frame. Looking at the 4-hour LINK/USD chart, it is possible for LINK to recover soon.
This is because the Aroon Up (orange) had risen above the Aroon Down (blue). Typically, this is a bullish sign. This projection was also reinforced by the values of the Aroon Up and Down indicator. At the time of writing, the Aroon Up reading was more than 70, while the Aroon Down reading was less than 30.
LINK/USD 4-Hour Chart (Source: TradingView)
For entry points, the 0.618 Fibonacci retracement level gives an idea of what to expect. According to the chart shown above, traders can look for an entry around $13.83. That is, if the current selling pressure leads LINK to the zone. If not, buying around $14 may be perfect. Should buying pressure appear around $13.83 or $14, then LINK may surpass $16.50.
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