Chainlink Defies Broader Market Correction, LINK Price Eyes $20 Breakout

Oracle service provider Chainlink has made a strong move defying the border market correction and gaining by 6% in the last 24 hours. As of press time, the Chainlink (LINK) price is trading 5.84% up at $18.21 with a market cap of $10.6 billion and its daily trading volume soaring by 132% all the way to $850 million.

LINK Price Eyes 150% Gains

The strong bounce back in the Chainlink price comes a crucial support levels with analysts expecting gains anywhere between 150% to 300% in the future.

Crypto analyst Michael van de Poppe has shared his insights on Chainlink’s recent performance, stating, “Chainlink woke up from the crucial area of support. Likely, there’s going to be continuation and the low is in. From this point, I wouldn’t be surprised with a 150-300% price increase”.

Chainlink Shares Space With SWIFT

Chainlink’s recent surge is likely driven by bullish sentiment among LINK holders and supporters following the announcement of Chainlink’s co-presentation with international payments platform Swift at this week’s Consensys conference in Austin, Texas.

This collaboration, which began last fall, has demonstrated that “existing infrastructure can merge with the new world of blockchains,” according to Chainlink. Project co-founder Sergey Nazarov also expressed optimism for Ethereum and digital assets over the weekend, following the historic approval of Ethereum exchange-traded funds (ETFs), stating that it’s “really just the beginning.”

Chainlink has shown significant progress, recently highlighting its network’s advancements across nine different blockchains, including Ethereum, Arbitrum, Polygon, and Base.

Additionally, earlier this month, the Depository Trust & Clearing Corporation (DTCC), the largest settlement and clearinghouse in the U.S., announced its use of Chainlink’s cross-chain interoperability protocol in collaboration with Wall Street giants JP Morgan and BNY Mellon as part of a tokenization pilot. This pilot, known as Smart NAV, enabled Wall Street institutions to make mutual fund data available on public networks.

In its latest weekly research newsletter, crypto investment firm 21Shares spotlighted Chainlink, praising it for “revolutionizing the realm of tokenization.” The firm credited Chainlink with facilitating over $10 trillion in transactions across more than 2,000 projects spanning 22 different networks

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.