Chainlink (LINK) is currently at the convergence of both positive technical signals and growing institutional attention.
Many analysts are optimistic about LINK’s price in this cycle. However, LINK must hold certain key levels before achieving a breakout rally.
7-Month High and Notable Technical Signals
LINK, the decentralized Oracle network Chainlink’s token, has reached its highest price in seven months.
Some technical analyses suggest that this move indicates LINK has broken out of a multi-year accumulation triangle pattern on the biweekly chart. If confirmed, the price could open a path toward $35, $50, and even $100 in this cycle.
This scenario aligns with observations from analyst Ali, who believes LINK could rally to $95 if it breaks above $24. At the time of writing, LINK is trading at $22.05, meaning it needs to rise about 9% from the current price to reach that threshold.
Additionally, after Chainlink announced the creation of its Chainlink reserve, the supply of LINK on exchanges has reportedly dropped to an all-time low. This could signify long-term accumulation or a reduction in immediate selling pressure. If this trend continues, LINK could reach $24 in the short term.
Another factor increasing attention on Chainlink is its partnerships with top global financial institutions. X user Zach Rynes shared a list of publicly announced pilot or test integrations involving LINK, including SWIFT, Euroclear, JPMorgan, Mastercard, UBS, SBI, ANZ, Fidelity International, and the Central Bank of Brazil.
“No project has a bigger moat than Chainlink, and that gives them very strong earning potential. They have already generated revenue in the hundreds of millions, and this is before these giant institutions have started using blockchains properly,” commented one X user.
For example, the pilot program with SWIFT and several international banks is designed to test cross-blockchain data and asset transfers. The Central Bank of Brazil’s DREX project has also been announced, involving Chainlink in its development phase.
Although these collaborations are still in their early stages, they have already generated notable excitement among LINK holders.
“LINK is everything people thought $XRP was supposed to be. Onboarding all the world’s largest institutions onchain,” shared Zach Rynes.
The post Chainlink Hits 7-Month High as Institutional Partnerships Fuel Bullish Outlook appeared first on BeInCrypto.
