Chainlink Sees Surge in Institutional Interest as LINK Hovers Below Key Resistance
Chainlink, a leading decentralized oracle network, has seen a surge in institutional interest and adoption, with recent partnerships and integrations. Meanwhile, its native token, LINK, is trading at $22.52, just below a key resistance level, following a 10% weekly and 4% monthly drop.
Chainlink's growth is evident in its partnerships. Canton Network, a privacy-focused platform, joined Chainlink's Scale program, integrating its oracle and cross-chain tools. Swiss bank UBS is testing Chainlink's Cross-Chain Interoperability Protocol with SWIFT for tokenized fund operations. Additionally, the Plasma Network integrated Chainlink's services to support stablecoin applications. These collaborations reflect growing institutional interest and use cases.
On the technical side, LINK's exchange balances are at six-year lows, suggesting a tightening supply backdrop that could support higher prices. If LINK pushes above $24, it could reach the next targets of $27 to $30. However, if it fails to maintain support at $22, it might drop back to the $20 range. Despite the recent price drop, daily trading volume has increased by 6.1%, indicating growing interest.
Chainlink's network is showing signs of strength. Nearly 2,000 new wallets were added on Oct. 1, indicating growing adoption. On-chain activity reveals a strengthening network with signs of user adoption and institutional engagement. Chainlink also secured a win at the Swift Hackathon and launched DataLink, a tool for bringing real-time market data on-chain. Derivatives data shows a decrease in leveraged bets, which could ease sharp price swings.
Chainlink's recent partnerships and integrations demonstrate growing institutional interest and use cases. While LINK's price has dropped recently, indicators suggest a tightening supply backdrop and increasing trading volume. The network's on-chain activity and new features like DataLink also point to a strengthening ecosystem. As LINK hovers just below the $24 resistance level, the market awaits its next move.
