NOIDA (CoinChapter.com)— Chainlink (LINK) has seen a notable price increase today, driven by anticipation surrounding a potential strategic partnership announcement with SWIFT at the Consensys 2024 conference in Austin, Texas.
Investors and analysts closely monitor developments, as an update on the collaboration could significantly impact LINK’s market performance. The hype from the upcoming update likely helped LINK price rally nearly 12% to reach a high near $18.8 on May 27.
SWIFT Partnership Update
The excitement centers on a session titled “How SWIFT and Chainlink Are Working Together to Unlock Tokenized Assets At Scale.”
This session, scheduled for May 30, will feature Jonathan Ehrenfeld of SWIFT and Sergey Nazarov of Chainlink. The two will explore how the Chainlink- SWIFT collaboration aims to bridge traditional financial infrastructure with the evolving multi-chain economy.
Moreover, the partnership could help create a global system of on-chain finance for tokenized assets, which could streamline and enhance the security of cross-chain transactions.
Previous experiments in June 2023 demonstrated SWIFT’s capability as a unified access point for various blockchain networks. The anticipation of further advancements in this partnership is fueling market optimism, contributing to the recent price surge of Chainlink.
Crypto analyst Michaël van de Poppe shared his views on LINK’s price action, noting that the token had formed higher lows and higher highs, a pattern indicative of a bullish trend.
The potential announcement of new protocols or a mainnet launch at the Consensys conference could provide the momentum needed to validate this bullish outlook.
Van de Poppe’s analysis highlights Chainlink’s significant upside potential if it can leverage the advancements in its partnership with SWIFT.
Integrating Chainlink’s on-chain data and cross-chain interoperability solutions with SWIFT’s financial communications network would help promote further partnerships between blockchain projects and traditional finance firms.
Moreover, the move would impact digital assets globally. This strategic collaboration, coupled with technical indicators of a bullish trend, positions Chainlink for substantial growth.
LINK Prices Paint Bullish Pattern
Another reason LINK prices were up was the token’s formation of a bullish technical setup called the ‘Bull Flag Pattern.’
While just the pattern itself is enough to attract traders, the impending bullish cues from the Consensys 2024 conference are another reason since they could help LINK price breakout and confirm the pattern.
A bull flag pattern forms when a crypto token’s price experiences a near-vertical rise, creating the flag pole. This pattern commonly emerges in assets that are in a strong uptrend.
Following the steep ascent, the asset undergoes a period of consolidation, which creates the flag of the pattern. Despite the initial strong rally, the price holds steady as buying pressure persists. Typically, a breakout from this consolidation phase triggers another significant uptrend.
The pattern reaches completion when the price breaks out from the flag area, effectively resuming the prior upward trajectory. Traders project the breakout’s price target by adding the length of the flag pole to the breakout price level.
According to the rules of technical analysis, if the token confirms the bullish technical pattern, LINK price might rally over 269% to reach the pattern’s theoretical price target near $69.
The post Why is Chainlink (LINK) price up today? appeared first on CoinChapter.
