The Chainlink price continues to fly below the radar as crypto investors focus on Ripple (XRP), which seeks to disrupt the financial services industry. Currently, LINK is approximately 51% below its peak level reached in November. This article examines the $150 trillion catalyst that lies hidden in plain sight.
Chainlink and SWIFT Partnership
A key catalyst that could drive LINK’s price higher in the coming years is its enduring partnership with the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The entities have been partners since 2016 when Chainlink won SWIFT’s Innotribe Challenge. This partnership continues to this day and is partly responsible for the launch of the Cross-Chain Interoperable Protocol (CCIP).
CCIP is a crucial component of Chainlink’s technology, enabling multiple chains, such as Ethereum, Base, and Arbitrum, to communicate with each other seamlessly.
SWIFT hopes to eventually use Chainlink’s technology to facilitate the transfer of tokenized assets, such as funds and securities, across blockchains while maintaining compatibility with traditional fiat systems.
READ MORE: Is Shiba Inu Price at Risk as Whales Dump 10 Trillion SHIB Coins?
The entities have conducted pilot projects over the past few years. For example, they carried out a pilot project for tokenized fund settlements with UBS Asset Management in 2024. This project may help solve challenges in the $63 trillion mutual fund industry.
Furthermore, SWIFT hopes to utilize Chainlink’s technology to enhance its money transfer industry, which handles over $150 trillion annually. This development coincides with Ripple Labs’ efforts to disrupt the SWIFT payment network using its RippleNet technology.
SWIFT’s advantage over Ripple is its extensive reach, as it is available in nearly every country. Additionally, SWIFT has partnerships with over 11,500 banks worldwide, whereas Ripple maintains partnerships with only a few. This means that it will be ready to deploy its technology to these partnering institutions once the testing is complete.
Chainlink also maintains significant partnerships with entities such as the Depository Trust & Clearing Corporation (DTCC), which handles over $2 quadrillion in annual securities transactions. It also has partnerships with top companies, including ANZ Bank, Emirates NBD, and UBS, among others.
Chainlink Price Technical Analysis
The weekly chart shows that the LINK price may be on the verge of a strong bullish breakout in the coming months. This is due to its recent bottoming at $10.20, marking the lower boundary of a rising broadening wedge or megaphone pattern. Historically, this pattern usually leads to a strong bullish breakout.
In this scenario, the LINK price could eventually rise to the next key level at $30.9, its highest point reached on December 9, representing an increase of approximately 110% from the current level.
READ MORE: Here’s Why the Polkadot Price Could Surge by 140% Soon
