LINK, the token of the decentralized oracle network Chainlink, has reached its highest price in seven months. Some technical analyses suggest that this movement indicates LINK has emerged from a multi-year accumulation triangle pattern.
If confirmed, the price could pave the way in this cycle towards $35, $50, and even $100.
This scenario aligns with analyst Ali's observations, who believes that LINK could rise to $95 if it surpasses $24. At the time of writing, LINK is priced at $22.05, meaning it needs to rise about 9% from the current price to reach that threshold.
Additionally, after the project announced the creation of its Chainlink Reserve, the supply of LINK on exchanges has fallen to a historic low. This could mean long-term accumulation or a reduction in immediate selling pressure. If this trend continues, LINK could reach $24 in the short term.
Another factor increasing attention on Chainlink is its partnerships with major global financial institutions.
User Zach Rynes shared on X a list of publicly announced pilot or test integrations involving LINK, including SWIFT, Euroclear, JPMorgan, Mastercard, UBS, SBI, ANZ, Fidelity International, and the Central Bank of Brazil.
"No project has a wider moat than Chainlink, and that gives them very strong profit potential. They have already generated revenues in the hundreds of millions, and this is before these giant institutions have started using blockchains properly," commented a user on X.
For example, the pilot program with SWIFT and several international banks is designed to test data and asset transfers between blockchains. The Central Bank of Brazil's DREX project has also been announced, involving Chainlink in its development phase.
Although these collaborations are still in their early stages, they have already generated notable enthusiasm among LINK holders.
"LINK is everything people thought $XRP was supposed to be. Incorporating all the largest institutions in the world on-chain," shared Zach Rynes.
