Chainlink explodes upward after completing project with JP Morgan and large banks
Key facts:
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LINK is one of the best performing cryptocurrencies in the last week.
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LINK price could continue to be boosted, according to analyst van de Poppe.
The price of the chainlink token (LINK) experienced an increase of close to 20% in the last 7 days, standing out in the market as one of the cryptocurrencies with the greatest increase in that period.
With this movement, LINK, which is the 16th crypto asset with the highest market capitalization, began trading at $16 (USD). This is its highest price in a month.
The following TradingView graph shows the rise that LINK had in the last day:
The rise comes after the settlement entity, Depository Trust and Clearing Corporation (DTCC), shared the results of a pilot test it carried out together with Chainlink. This project, called Smart NAV, was carried out with large banks with the aim of developing the tokenization of funds in traditional finance.
Among the banking entities that participated in the initiative are JP Morgan, American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, MFS Investment Management, Mid Atlantic Trust, State Street and US Bank.
According to Chainlink, The pilot demonstrated how DTCC can make asset value data available on virtually any network. public or private blockchain.
“This enables automated data dissemination and access to historical data, unlocking a multitude of use cases related to fund tokenization,” Chainlink said.
Likewise, it is highlighted that the DTCC is the main post-trade market infrastructure that provides clearing, settlement, asset services, data management and trading reports on millions of securities transactions every day.
It should be noted, in all this, that Chainlink is a network of decentralized oracles that aims to connect smart contracts with real-world data. That is why the completion of this pilot test is an advance in its development.
LINK market exhibits bullish signs
“LINK has received very positive news,” said market analyst Michael van de Poppe, upon the announcement of the completed pilot test. “In response, the price begins to rise,” he added, noting that this movement is strengthened by technical analysis.
The specialist showed, through the following graph, that the price of LINK measured in bitcoin (BTC) has been in a lateralization zone for two years. Currently, it is shown rising from the support of this range, indicating that the next goal is to return to the resistance.
For van de Poppe, this “is a huge opportunity right now, especially given Chainlink’s current valuations against BTC.”
Precisely, LINK undergoes significantly underperforming BTC. It is 75% from its all-time high of USD 52 seen in 2021, while bitcoin is 15% from its new record of USD 73,700 reached two months ago.
Precisely, today, bitcoin reached its highest price in three weeks, above USD 67,000, driven by growing institutional investment, as reported by CriptoNoticias, which motivated the general rise of cryptocurrencies. In this sense, the technological development of the Chainlink protocol and the behavior of bitcoin are presented as key factors for the continuation of the price of the LINK token.
