Back to all postsChainlink's breakout potential driven by partnerships with SWIFT and ANZ, enhancing institutional trading and crypto liquidity solutions.
November 2, 2024

Chainlink's Breakout: A Closer Look at the Factors Involved

I've been watching Chainlink closely, and I think it might be on the verge of something big. The price is nearing a critical resistance level between $12 and $13, and there are some interesting factors at play. Recent partnerships with SWIFT and ANZ could enhance institutional trading and crypto liquidity solutions, making Chainlink an even more attractive option for investors. In this post, I'll break down the technical indicators, market sentiment, and those pivotal collaborations that might just push Chainlink over the edge.

Technical Indicators: Are They Favoring LINK?

As any seasoned trader knows, technical analysis can provide valuable insights into potential price movements. For Chainlink, several key indicators are in focus right now.

First up is the Relative Strength Index (RSI). It's currently sitting below the overbought zone, which suggests that LINK still has some room to run before hitting a ceiling. This is a good sign for those hoping for further upward movement.

Then there's the Moving Average Convergence Divergence (MACD) indicator. It appears stable at this point without showing any bearish divergence—another positive signal for potential upward momentum.

Finally, we have trading volume. It's been consistent lately and seems to be supporting the current price action. All these factors combined suggest that Chainlink may be gearing up for a significant breakout.

Partnerships with SWIFT and ANZ: Game Changer or Just Hype?

Now let's talk about those partnerships because they could be crucial in understanding why LINK might go higher.

The Role of ANZ

The partnership between Chainlink and Australia & New Zealand Banking Group (ANZ) focuses on using Chainlink's Cross-Chain Interoperability Protocol (CCIP) to facilitate efficient settlement of tokenized assets. Essentially, it's about making cross-border transactions smoother.

What caught my eye was how they're addressing real-world assets like green financial products through this collaboration. By utilizing CCIP to power these transactions, they're essentially creating a system that enhances financial institutions' ability to deal in diverse tokenized assets while minimizing operational headaches.

SWIFT's Involvement

Then there's SWIFT—the organization that's basically synonymous with international banking infrastructure. Their partnership with Chainlink aims to tackle interoperability issues in blockchain ecosystems.

Through some recent experiments involving major financial players—including ANZ—they demonstrated how their existing infrastructure can facilitate seamless transfers of tokenized value across various blockchains using CCIP as a bridge.

This setup could potentially eliminate friction in what they call "tokenized asset markets", making it easier for institutions to adopt such technologies.

Summary: Is Now the Time to Invest?

So where does all this leave us?

Chainlink's approaching a critical resistance level backed by solid technical indicators; its partnerships seem designed specifically to drive institutional adoption; and if you ask me—those things usually don’t happen by accident.

But as always in crypto—do your own research!

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