Chainlink (LINK) has gained traction with its market performance and notable advancements in financial technology. Industry experts are predicting a price surge if Chainlink can break through a critical resistance level. With the current price at $15.73, up 12.58% in the last 24 hours, and a successful pilot project with major US banks, Chainlink is poised for a potential rally, capturing the attention of investors and analysts.
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LINK’s Technical Analysis
Hov, a crypto analyst, provided an in-depth update on LINK’s price action. He noted that despite a period of consolidation, LINK shows potential for substantial gains. According to Hov, the current price action could either be a fourth wave correction or a second wave, which has different implications for future targets.
Moreover, he emphasized the importance of the $16 resistance level. If LINK can flip this level and achieve a high-timeframe close above it, the cryptocurrency could advance to the upper $20 range.
Additionally, Hov mentioned the possibility of a retest around the $11 level before an upward move. If the current wave is indeed the second, a high probability target for the third wave could approach $100.
Rick Barber also sees positive momentum for Chainlink. He comments, “I actually think it is time for $LINK. Not going to $50 overnight, but I think you will see a steady climb now. Too much is happening and coming together across the market as a whole for it not to. Easy buy and hold.” Barber’s optimistic outlook aligns with the broader market trends, suggesting a stable increase in Chainlink’s value over time.
Chainlink’s Major Developments
Chainlink has made strides in blockchain technology integration within the financial sector. As earlier reported by Captain Altcoin, Chainlink has successfully completed a pilot project with JPMorgan, Templeton, BNY Mellon, and other major US banks. The Smart NAV pilot aimed to accelerate the tokenization of funds by testing a process to bring and disseminate fund data on multiple blockchains.
Moreover, this development is crucial for the future of tokenization, revealing capabilities that support further exploration in the industry. The delopment highlighted use cases such as brokerage portfolio applications marking a key milestone in blockchain adoption.
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Show more +Future Prospects
Chainlink’s technical and market developments position it for potential growth. Analyst like Hov believe that if Chainlink can break through the $16 resistance level, it could reach the upper $20 level. Rick Barber, similarly, sets an optimistic target of $50. Moreover, if the current phase is identified as the second wave, the high probability target for the third wave could approach $100.
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