The cryptocurrency Chainlink ($LINK ) has experienced a strong increase following the announcement of a new partnership with credit card provider Mastercard. Both companies are partnering to allow Mastercard cardholders to purchase cryptocurrencies directly on the blockchain. Both companies shared the announcement on Tuesday morning, indicating a "big step forward in the widespread adoption of Web3." Since the announcement, LINK has risen nearly 20%, demonstrating interest in Chainlink's major initiative.
As of the closing of this edition, the asset has risen 3% last week after a brief drop in mid-June. The trading volume of LINK has decreased to $397.12 million as transactions begin to decline, which likely means that investors are waiting for a moment when the price of Chainlink will rise or fall. The cryptocurrency is currently priced at $13, regaining that mark after a period around $12.
As the adoption of crypto assets grows, collaborations such as that of Mastercard and Chainlink drive a new wave of users connecting crypto technology with real-world usability. Therefore, assets like Chainlink (LINK) are promising investments in cryptocurrencies. Institutional interest in cryptocurrencies is at an all-time high, and blockchain technology drives its growing popularity and filters into the crypto frenzy. Additionally, the rise of LINK and other crypto assets is expected to continue until July, revealing a potentially significant month.
Chainlink is also making moves on the whale front, with large cryptocurrency holders moving their LINK holdings. Over the past weekend, a token unlock allowed for the deposit of 17.875 million LINK worth $149 million on Binance, further driving the increase in transfers. The timing of these whale movements coincides with a widespread selling wave in the market, resulting in $458 million in cryptocurrency liquidations. Typically, whale movements indicate bullish optimism for a crypto asset. As a result, investors expect that LINK has bottomed out and is preparing for a strong bullish breakout.
Chainlink LINK is rising after breaking a large triangle and regaining a key support level near 12.64. This breakout is accompanied by increasing bullish momentum and continuation signals. As a result, its price is heading towards the target zone of 14.20-14.50.
