Key Takeaways:
- Chainlink has formed a flurry of partnerships in 2023.
- LINK price rally faltered after rallying 25% in a week.
NEW DELHI (CoinChapter.com) — Blockchain platform Chainlink has been busy forming partnerships to bolster its adoption.
Decentralized P2P exchange Offramp joined the Chainlink BUILD program. The DEX aims to accelerate ecosystem growth and the adoption of its platform by gaining access to Chainlink’s oracle services.
Offramp would provide “network fees and other benefits” to the Chainlink community in exchange, making 4% of its native token supply available to Chainlink service providers. The DEX noted that integration with Chainlink would improve the platform’s security and reliability.
We’re excited to join Chainlink BUILD to gain access to industry standard Web3 services, technical support, and a robust cryptoeconomic model that empowers us to strengthen the security and reliability assurances of our decentralized on/offramp for Web3
0xSkywalkerL, Founder at Offramp, said
Furthermore, Chainlink partnered with Celo, allowing Celo developers access to its data feeds. Additionally, developers would access Chainlink’s data feeds at a lower cost due to Celo’s participation in Chainlink’s SCALE.
The blockchain platform has also partnered with SWIFT, a global cooperative that provides secure financial messaging services. Chainlink is cooperating with SWIFT and “more than a dozen major financial institutions” to enhance connectivity and interoperability across public and private blockchains.
As banks endeavor to access multiple blockchains a common connectivity layer across the various chains will be a critical building block for their adoption of on-chain finance.
Chainlink’s Sergey Nazarov said.
LINK Price Rally Stutters Gaining 25% In A Week
Despite Chainlink securing multiple partnerships, LINK price rally stuttered after rallying 25% in a week to reach a local high near $6.8 on June 25. Moreover, the Chainlink token dropped nearly 8% on June 28 to reach a daily low of $6.2 before bulls recovered some ground.
Bearish pressure against LINK price resulted in the token paring gains after spiking nearly 7% to reach $6.18 on June 29. If the selling pressure increases, LINK price might drop to its support near $5.69.
Failure of the immediate support level could force the Chainlink token to test support near $5.3 before recovering.
On the other hand, if buyers enter the market, LINK price could rise to the 100-day EMA (blue wave) resistance near $6.36.
Moreover, breaching and holding above the immediate resistance might provide LINK with the impetus needed to target its 200-day EMA (green wave) resistance near $6.8 before retreating.
The RSI for LINK remained neutral, with a value of 52.3 on the daily charts.
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