Chainlink-SWIFT Partnership Update Looms: LINK Is Set To Skyrocket
May 27 2024 - 4:30AM
NEWSBTC
As the Consensys 2024 conference commences this week in Austin,
Texas, the LINK community is abuzz with anticipation over a
potential pivotal announcement from Chainlink in collaboration with
SWIFT. Speculations are rife that this announcement, set for May 30
during a session on tokenization, could significantly influence
LINK’s market performance. Chainlink And Swift Partnership Going To
The Next Level? The session titled “How Swift and Chainlink Are
Working Together to Unlock Tokenized Assets At Scale” will take
place on the Mainstage at the Austin Convention Center. It features
Jonathan Ehrenfeld, Head of Securities and Digital Assets Strategy
at SWIFT, and Sergey Nazarov, Co-Founder of Chainlink. The session
aims to explore how the two entities are collaborating to connect
traditional financial infrastructure with the burgeoning
multi-chain economy. This partnership is crucial for enabling a
global system of on-chain finance for tokenized assets, which could
streamline and enhance the security of cross-chain transactions.
Related Reading: Chainlink On Fire: Price Nears $18, Profit Ratio
Blazes To 2022 Levels This development follows a series of
successful experiments conducted in June 2023, where SWIFT,
alongside major financial institutions like BNP Paribas and BNY
Mellon, demonstrated SWIFT’s potential as a unified access point
for various blockchain networks. These tests included token
transfers within and across different blockchain platforms,
showcasing a stride toward integrating digital assets globally.
Chainlink’s role as a leading provider of on-chain data and
cross-chain interoperability solutions makes it a strategic partner
for SWIFT, which has historically been the backbone for global
financial communications across over 11,000 banks. The potential
announcement is speculated to revolve around further advancements
in this collaborative effort, which may include launching new
protocols or a mainnet launch. Furthermore, Sergey Nazarov’s
participation in another significant discussion at the conference,
scheduled for May 29, titled “Building the Tokenized Asset Economy
| Chainlink and Securitize,” adds to the gravity of the week’s
events. Here, Nazarov, alongside Carlos Domingo, Co-Founder and CEO
of Securitize, will delve into the multi-trillion-dollar
tokenization opportunity, discussing strategies for blockchain
projects and capital markets institutions to optimize their
approaches to tokenization. Related Reading: Crypto Analyst Sounds
Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s
Why The recent $47 million strategic funding round led by BlackRock
for Securitize, which coincided with the launch of BlackRock’s
first tokenized fund (BUIDL) on Ethereum, underscores the
accelerating interest and investment in blockchain and tokenization
technologies. With Securitize, Chainlink could ink another major
player in the field of tokenization. LINK Price Is Ready To
Skyrocket The outcomes of these sessions and the anticipated
announcement could significantly impact the LINK price. Notably,
the LINK price is in a good position in the daily chart. On May 16,
LINK’s price successfully broke above a descending trend line that
had previously capped its price action for approximately two
months. This trend line, originating from early mid-March, had been
a barrier for any bullish momentum, with the price consistently
rejecting this dynamic resistance until the mentioned breakout.
Following this pivotal breakout, LINK’s price trajectory shifted as
it began a rally towards higher price levels. Notably, the price
rallied to the 0.5 Fibonacci retracement level, which is calculated
from the local high in early March to the significant low in
mid-April. This level, sitting at approximately $17.41, has become
a crucial focal point for both traders and analysts. Since reaching
the 0.5 Fibonacci level, LINK’s price has entered a phase of
consolidation, fluctuating within a narrow range defined by the 0.5
and 0.382 Fibonacci levels—the latter at around $16.13. This price
behavior indicates a tug-of-war between buyers and sellers, trying
to establish a more defined market direction. A convincing break
above this level could signify a continuation of the bullish
momentum, potentially leading to further gains. Technical traders
might be closely watching this level, as a breakout could validate
the bullish sentiment further and could see the price aiming for
the next Fibonacci levels at $18.70 (0.618), $20.53 (0.786) and
22.86 (1.0). Featured image created with DALL·E, chart from
TradingView.com
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