The partnership between Chainlink (LINK) and Swift has been causing excitement lately. LINK is still up 0.94 over the week despite a 24-hour drop of 6.64%, currently priced at $11.30. Analysts are exploring the potential for LINK to reach $30.
Chainlink and SWIFT Join Forces for Blockchain Integration
Chainlink and SWIFT are partnering to integrate blockchain into traditional finance. This will enable institutions to interact with digital assets over SWIFT’s established messaging network.
Institutions can lock assets on-chain and perform payments securely, using Chainlink’s blockchain infrastructure to convert traditional finance messages into blockchain events.
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Nazarov said at Sibos the solution was set to move into pre-production. The functionalities are ready for the banks to start integrating into their existing systems.
Another feature is the introduction of a new Blockchain Privacy Manager (BPM). It facilitates the secure execution of transactions such as private tokenized asset trades and cross-border payments on the Chainlink platform.
Analysts Predict LINK Rally to $30
Crypto expert World Of Charts recently highlighted that the asset is forming a bullish flag pattern after a long correction period.
The price is currently testing a crucial horizontal resistance. If LINK clears the trendline resistance, $15 could be in the cards within the coming days.
If LINK breaks past the trendline resistance, it could gain momentum to hit $30 based on the positive sentiment of the Chainlink-SWIFT partnership.
The Surge in LINK Volume Points to Growing Interest
Over the last 24 hours, trading volume on Chainlink has increased by 96%. As the community gears up for the impending SWIFT integration and associated rewards, this surge carries all the promise of what it could mean for Chainlink’s ecosystem.
The volume is growing, suggesting investors are betting on LINK, well, ahead of the curve for future gains stemming from the partnership’s strategic value.
Technical Levels and Indicators to Watch
Mixed signals are noted on technical indicators. The 50-day exponential moving average (EMA) points still to some short-term bullish sentiment. Nevertheless, LINK must go above the 200-day EMA to indicate a long-term bullish outlook.
The positive green histogram bars show increasing upward momentum. The MACD line above the signal line is a bullish sign.
In addition, an increase in trading volume is often a sign of stronger buying pressure, and this upswing could aid LINK in getting through some resistance levels.
The key point to watch for Chainlink to maintain its bullish momentum is $12.080. The level of $20 could be ignited by a successful flip of this level into support.
