Chainlink, an altcoin project that is also on the radar of Turkish crypto investors, has formed an important partnership with Fireblocks. The partnership aims to provide a secure and compliant technology solution for financial institutions such as banks. This will enable institutions to issue and trade stablecoins on global markets. It will also support end-to-end tokenization capabilities for stablecoin issuers. Amid these developments, analysts are talking about a rally for LINK.
Chainlink and Fireblocks form an important partnership
The partnership between Chainlink Labs and Fireblocks will provide end-to-end technology solutions for financial institutions working with regulated stablecoins. The altcoin project’s collaboration with Fireblocks will provide a comprehensive tokenization engine to securely mint, store, distribute and manage tokenized assets. Thus, it will set a new industry standard for stablecoin issuance. The solution also includes advanced features such as data coordination, connectivity, compliance, custody, interoperability and liquidity distribution. These features will provide financial institutions (issuing intermediaries) with a complete view of stablecoins, including their reserves, market capitalization and total supply on various Blockchains.
According to an official press release, both Fireblocks and altcoin Chainlink played a role in the launch of the COPW stablecoin in July as part of Bancolombia Group’s efforts to increase the transparency of its 1:1 peso-backed stablecoin. Pablo Arboleda, CEO of Wenia, said:
It’s great to see two of our COPW launch partners, Fireblocks and Chainlink, collaborating to further increase the availability of regulated stablecoins. By combining high-end technology solutions with a secure and reliable infrastructure, it creates a win-win for the industry. They are also advancing the adoption of digital assets in a more inclusive, efficient and accessible way.
LINK price forecast: Altcoin ready to rally!
Amid this news, analysts say investors are placing bullish bets on the Chainlink (LINK) token. As you follow from Kriptokoin.com, more than 6 million LINKs have been withdrawn from exchanges. Also, the bulls outpaced the bears. When token holders withdraw their holdings from exchanges, it usually shows confidence in the asset. That’s why holders don’t want to sell.
Crypto analyst Aaryamann Shrivastava assesses the technical picture of LINK. The altcoin is currently trading at $10.66, just below local resistance at $10.79. Turning this resistance into support is crucial for LINK to try to break through the $12.35 barrier. This could set the stage for a potential rally. If Chainlink’s momentum continues, the price is likely to rise to $12.94. Breaching this level would mark a six-month high for the altcoin, which is targeting $13.00. This would result in a 15% increase. A successful break above this point will fuel further bullish sentiment in the market.
However, a failure to breach $12.35 is likely to result in continued range-bound action for LINK. With the altcoin hovering above $9.35, as it has for the past six weeks, it is possible that it could remain below this resistance. This would therefore invalidate the bullish outlook.
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