Chainlink (LINK) is going through several positive developments in recent times showcasing that investors and traders are bullish on the crypto.
Chainlink has been going through various developments in recent times. Its market cap has increased by 14%, as disclosed by analytical firm Santiment. Moreover, Chainlink has collaborated with the world’s largest financial institutions, showcasing its good future and its price could blast off anytime.
Chainlink (LINK) Market Cap Shoots Up
Blockchain analytics firm Santiment disclosed in its latest post on X that Chainlink’s market capitalization has increased by 14% in the last 8 hours, breaking away from the group of alternative cryptocurrencies.
#Chainlink's market cap has shot up +14% in the past 8 hours, decoupling from the #altcoin pack. There are now 564 100K+ $LINK whales, a +4.6% rise in just 5 weeks. If social dominance calms and #FOMO doesn't take over, #bullish conditions are ahead. https://t.co/UQcQvD2jzk pic.twitter.com/SK1y43XxJv
— Santiment (@santimentfeed) May 17, 2024
At press time, 564 individuals held 100,000 or more units of LINK, representing a 4.6% surge in just 5 weeks. If social media influence stabilizes and the fear of missing out is kept in check, positive market conditions are likely in the near future.
How is Chainlink Transforming Global Finance?
The biggest global financial firms have partnered with Chainlink to transition capital markets onto the blockchain and tap into the tokenized asset economy.
Chainlink announced on the X post that DTCC launched its Smart NAV industry pilot in collaboration with Chainlink and 10 major market participants on March 17, 2024.
We’re excited to share the results of a new Smart NAV industry pilot between @The_DTCC, Chainlink, and 10 of the world’s largest financial institutions that delivered key mutual fund data onchain.
— Chainlink (@chainlink) May 16, 2024
Full report: https://t.co/ob3K0s4g86
The significance for fund tokenization pic.twitter.com/74zocXa2s0
Chainlink stated, “We are thrilled to reveal the outcomes of a recent Smart NAV industry pilot involving @The_DTCC, Chainlink, and the world’s top 10 financial institutions, which successfully brought key mutual fund data onto the blockchain.”
Chainlink Witnessed A Tremendous Volume Surge
The price of the digital asset has formed a triple bottom pattern at the key support level of $13 and has shown positive performance. Since the middle of 2023, the price of LINK has been on an upward trend and reached a high of $22.86 in March but faced selling pressure near the $22 mark.
Chainlink’s price has been fluctuating between the $13 and $17 levels since November. It found support at $13 and quickly rose to $17 within 3 days, demonstrating the strength of the bulls.
As of now, the Chainlink price is at $16.64, marking a 7.22% increase in the last 24 hours. The market capitalization stands at $9.76 Billion, reflecting a 20% increase in the past 24 hours. With a 24-hour trading volume of $1.17 Billion, it currently holds the 14th position in the cryptocurrency market based on trading volume.
It appears that there is significant activity and attention surrounding this cryptocurrency in the market. The recent surge in trading volume and price movement suggests a potential upward momentum for Chainlink.
However, monitoring key resistance levels and trading volume is important to gauge the continuation of the upward trend. Furthermore, the participation of major financial institutions in Chainlink’s ecosystem could substantially impact its position within the global finance landscape.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
