Swift and Chainlink have successfully transferred tokenized value across multiple private and public blockchains, which has the potential to remove barriers and enable the global scaling of tokenized asset markets, according to a press release.
Crypto analyst Ali Martinez warns that Chainlink (LINK) could experience a significant correction of up to 50% as whale transactions decline, indicating a lack of trading interest, while Bitcoin (BTC) may drop 10% if it loses key support and Ethereum (ETH) layer-2 blockchain Optimism (OP) is showing bearish signals with a potential drop of over 47%.
The price of the decentralized finance token SYN dropped significantly after a venture capital firm dumped nearly 9 million tokens and pulled stablecoin liquidity from the Synapse bridge, leading to suspicions of a rug pull by the firm.
Chainlink (LINK) may be on the verge of a bullish breakout against Bitcoin (BTC), according to crypto analyst Michaël van de Poppe, who believes that the recent launch of the Cross-Chain Interoperability Protocol (CCIP) could significantly boost Chainlink's value.
Chainlink (LINK) is expected to continue trading within a range for several months before breaking out, according to popular crypto trader Altcoin Sherpa, who recommends buying and holding the coin for six months before selling it at a higher price; the trader also discusses the potential of other cryptocurrencies, including Avalanche (AVAX), Fantom (FTM), and Rollbit's native token RLB.
Chainlink (LINK) is expected to break out of its trading range and experience significant price growth, according to a popular crypto trader, while Bitcoin (BTC) is predicted to cross the 200-day SMA and rally to $28,000 by September 18th. However, the trader suggests Polygon (MATIC) may see a 42% decline and the native token of the Bored Ape Yacht Club community, ApeCoin (APE), is expected to collapse.
Chainlink's LINK token has surged over 10% due to partnerships with traditional financial institutions, including a deal with SWIFT to scale tokenized asset adoption and a collaboration with Depository Trust and Clearing Corporation (DTCC) on Swift's Blockchain interoperability project, as well as ANZ's use of Chainlink's Cross-Chain Interoperability Protocol (CCIP) to complete a cross-chain purchase of tokenized assets with its stablecoin, A$DC.
Chainlink's LINK token outperformed the top 20 cryptocurrencies in the past week with a 14% gain, supported by increased network activity and adoption of its Cross-Chain Interoperability Protocol (CCIP), while other major cryptocurrencies performed poorly.
Chainlink (LINK) and three other altcoins are expected to see more price surges based on bullish on-chain data, with Chainlink experiencing increased unique address activity and potential rallies if market participants remain indifferent to its performance. Additionally, Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX) are outperforming the broader crypto markets with increased adoption. Bitcoin, on the other hand, has seen a rise in the number of addresses holding less than 100 BTC, while whales have been selling since June.
Chainlink (LINK) is predicted to outperform other altcoins in the next bull cycle due to its solid fundamentals and its role as core infrastructure for numerous projects, according to crypto strategist Altcoin Sherpa. On the other hand, Altcoin Sherpa believes that Rollbit Coin (RLB) may decline in price in the coming weeks. Additionally, Altcoin Sherpa warns that Bitcoin (BTC) could potentially drop close to $20,000 as it struggles to maintain its bullish momentum.
Chainlink (LINK) may be on the verge of reversing its multi-year downtrend and sustaining bullish momentum, as it moves above a key long-term indicator, according to crypto strategist Kevin Svenson. However, Svenson also suggests that LINK may need more time before entering bull territory and breaking out above its macro resistance.
Bitcoin is currently facing rejection at its current price point, while Chainlink is positioned well to close the week above its downtrend trendline, potentially leading to upward movement for the cryptocurrency.
Tokenization, the process of linking assets to crypto tokens on a blockchain, is gaining prominence and attracting attention from regulators and financial firms as it offers investors access to previously inaccessible markets, improved liquidity, and greater efficiency, although it also introduces potential financial stability concerns and risks of transmitting shocks between crypto and traditional financial markets.
Chainlink (LINK) is predicted to have a bullish breakout, potentially doubling in price to around $14, according to an analyst who accurately predicted the crypto bottom in November 2022. However, the analyst notes that the price action of Bitcoin (BTC) will also play a significant role in Chainlink's future performance.
Inflation of Chainlink (LINK) tokens could pose a challenge for the cryptocurrency to reach new highs in the next bull run, as the increased number of tokens in circulation requires a significant increase in buying pressure to match previous price levels, according to a crypto analyst.
Despite multiple unsuccessful attempts to break out from a long-term descending resistance trendline, Chainlink (LINK) is currently in a bullish trend as indicated by the increasing RSI and accumulation by long-term holders and institutional wallets. However, if the price falls below the $6.95 support level, a bearish trend may continue with a potential drop to $6.35.
Chainlink's native token (LINK) is seen as the "safest bet" for investors looking to profit from the tokenization of real-world assets (RWA) narrative in the crypto industry, according to research firm K33 Research.
Chainlink (LINK) has outperformed Bitcoin (BTC), Ethereum (ETH), and other altcoins since September, becoming the leading decentralized blockchain oracle solution; however, concerns arise as the price faces a 10% correction and breaking the $7.20 support level may erase previous gains. The recent surge in LINK's value can be attributed to successful tests by SWIFT and the Australia and New Zealand Banking Group (ANZ), but changes to Chainlink's multisig and a decline in protocol fees have reduced investor interest.
