Key Notes
- LINK price surpassing the key resistance at $18 could pave the way for a price increase to $44 if breached.
- On-chain data highlights strong accumulation around $14.60, with approximately 20,000 addresses holding over 90 million LINK tokens at this level.
- Chainlink’s collaboration with Abu Dhabi Global Market (ADGM) aims to advance asset tokenization in the UAE
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As the overall altcoin space picks up momentum, Chainlink (LINK) has come under investors’ radar, with analysts pointing out the potential of a 200% bullish rally subject to an upcoming potential breakout.
The recent Chainlink partnership with Abu Dhabi Global Market (ADGM) to bring tokenization to the market could serve as an additional catalyst.
Amid the broader crypto market recovery, Chainlink price has staged a decent show, gaining 12% over the past week and moving to $15.5 with its market cap rising past $10.12 billion, climbing to the 11th spot in the crypto ranks.
Prominent analyst CW has shared his analysis identifying a bullish flag formation on Chainlink’s (LINK) one-day chart, while eyeing further potential upward momentum. According to CW, $12 serves as a critical support level for LINK, with its rally beyond this mark suggesting the start of a bullish trend.
The analyst further highlighted $18 as a key resistance level. CW predicts that if Chainlink successfully breaks past this barrier, it could trigger a significant price increase, potentially reaching as high as $44 in the coming months.
The on-chain data is also showing strength for LINK at the moment. Data from IntoTheBlock indicates that $14.60 serves as a key support level for Chainlink (LINK), with approximately 20,000 addresses accumulating over 90 million tokens in this price range.
This accumulation trend surpassed the volumes of token purchased in the range of $15.56 and $17.63, with strong buying interest at the lower level. Thus, the LINK price rally to the upper resistance of $18 could be imminent from here onwards.
Recent Partnership With Abu Dhabi Global Market
Chainlink has announced a strategic partnership with the Abu Dhabi Global Market (ADGM) to foster asset tokenization in the United Arab Emirates. The collaboration includes a Memorandum of Understanding (MoU) aimed at establishing a secure and compliant environment for tokenized assets in financial markets.
Under the agreement, ADGM will offer regulatory guidance, develop secure tokenization frameworks, and share its expertise in asset tokenization.
Meanwhile, Chainlink will bring its blockchain-based solutions, technical expertise, and tokenization infrastructure to the initiative, driving innovation in the region’s financial ecosystem.
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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.
