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Chainlink launched an industrial standard for institutional actions.
The goal is to integrate corporate actions on the chain.
The price of LINK responded with an increase of 1.54% over the past 24 hours.
Chainlink issued an important announcement that it described as a major achievement in this field. It embodies most of the important institutional actions on the chain. It is expected to help the actors in this field overcome the ongoing complexities. This announcement has generated positive feelings toward the native digital currency of the system, which is LINK. The currency has seen a noticeable increase over the past twenty-four hours and is expected to see a slight rise in the coming days.
Chainlink standard in corporate actions
Chainlink has formed partnerships with 24 financial institutions around the world, including Euroclear, DTCC, and Swift. This aims to integrate corporate actions, such as dividend distribution and stock splits, on the Chainlink platform.
According to the announcement, these procedures are characterized by dispersion and operational density. Furthermore, they cost about 58 billion dollars annually, with an average cost of 34 million dollars per procedure, involving more than 110 thousand interactions from companies, and manually re-verifying the data. The company also faces additional issues, including delayed confirmations and the absence of a single reliable source of truth.
The result of the industry standard for corporate actions with unified golden records, as defined by Chainlink in its announcement, will contribute to addressing all these issues. For example, the blockchain solution will provide global financial giants with 100% data accuracy and will distribute the approved unified golden records across DTCC's AppChain environment.
Impact on LINK price
It seems that Chainlink's announcement had a positive impact on the price of LINK. The price of Chainlink rose by 1.54% in the past 24 hours and is currently trading at 21.61 US dollars at the time of writing this article. However, the price of LINK fell by 0.31% over the past seven days and by 9.24% over the past thirty days.
Source: CoinMarketCap
Most of the declines in LINK prices have begun to turn upward, paving the way for potential bullish trends. The trading volume over the past 24 hours increased by 47.92% to over 723 million US dollars.
Future trajectory of LINK price
Chainlink's partnership with 24 global financial institutions has established a bullish trend for the future. This is reflected in estimates predicting a price increase of LINK by about 8.08% over the next thirty days. This would raise the token's value to around 23.30 US dollars amid a volatility of 5.14%. The short-term price prediction for LINK issues a warning, as the Chainlink token may undergo a slight correction of 1.66% over the next five days.
LINK resistance levels are between 22.16 US dollars and 23.08 US dollars. Similarly, support margins are 21.23 US dollars and 20.31 US dollars as critical endpoint levels. The majority of oscillators indicate a neutral trend, as does the FGI rating of 50 points.
It is worth noting that the content of this article is not recommendations or advice for trading cryptocurrencies.