Chainlink ($LINK) has been on a winning streak, with its price hitting a five-week peak at $16.3 on May 16. This surge comes after successful tests with major US banking institutions, including DTCC, American Trust Custody, Edward Jones, and JPMorgan. These tests focused on accelerating the tokenization of assets and integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with DTCC.
Co-founder Sergey Nazarov highlighted the significance of these developments, emphasizing how key market players are addressing real-world challenges by integrating blockchains, smart contracts, and Oracle networks. Market intelligence firm Santiment also noted a surge in LINK whale activity, with the number of addresses holding 100,000 LINK or more increasing to 564.
The recent bullish trend in Chainlink’s price has been supported by strong whale activity and social dominance, according to Santiment. The firm suggested that if FOMO (fear of missing out) does not take over, bullish conditions could be on the horizon for Chainlink.
On the technical side, the LINK price has shown a bullish trend in three consecutive sessions, with key resistance levels at $17.0 and $17.42. Breaking through these levels could pave the way for further gains, potentially reaching $22. However, the near-overbought RSI suggests that the price might face downward pressure in the near term.
Overall, Chainlink’s recent surge highlights its growing importance in the blockchain ecosystem, with strong confidence in its future prospects. As the project continues to innovate and expand its protocol, investors and market participants should keep a close eye on Chainlink as it navigates this exciting phase of growth and development.
