- Chainlink crypto price has been in a consolidation phase since May.
- Balancer integrated Chainlink’s price feeds in its Arbitrum network.
- London Stock Exchange announced plans to tokenize its assets.
Chainlink price drifted upwards on Thursday morning as investors reacted to the recent integrations in the network. It also jumped amid the growing trend of tokenization in the financial industry. LINK jumped to a high of $6.366, a few points above this week’s low of $5.75.
New integrations in Chainlink
Chainlink, the biggest oracle network in the world, has seen several important headlines recently. The biggest news was that Balancer, a leading player in DeFi, selected its price feeds to secure staked ETH composable pools on Arbitrum’s mainnet.
The integration will now see Balancer have access to high-quality price feeds for its wstETH, rETH, and cbETH. These are all important features as Balancer builds its composable stable pool for large volumes of trades.
By selecting Chainlink, Balancer partnered with the biggest oracle in the industry, which is used by some of the biggest companies like Lido, Aave, and Uniswap.
There are many benefits for this liquid staking since staked Ethereum are locked and cannot be used as collateral. Liquid staking tokens like wstETH and rETH help to unlock the inherent value of these tokens by making it possible for them to be traded and provided a collateral. In a statement, Chainlink said:
“As staking continues to garner adoption, it has become crucial for DeFi protocols like Balancer to secure their protocols with the right oracle solution. We’re very excited to support Balancer’s LST composable stable pools.”
Chainlink has also seen other integrations recently. For example, Folks Finance joined Chainlink BUILD, a program that seeks to accelerate the rollout of dApps. By joining the program, Folks Finance will receive the technical expertise by Chainlink’s developers.
According to the statement, Folks Finance will make 3% of its total native token available to Chainlink service providers. Other members of Chainlink Build are Lekker Finance and Zoth.
Further, Chainlink price is rising after the London Stock Exchange (LSE) unveiled a new plan to move into tokenization. This was a major event since LSE is one of the oldest and biggest exchanges in the world. I believe that the exchange will select Chainlink as its tokenization partner. Recently, SWIFT and Chainlink completed tokenization tests with banks like Citi and BNY Mellon.
Chainlink price forecast
The daily chart shows that LINK price has remained in a tight range in the past few months. It has remained between the support at $5.34 and resistance at $8.74. As a result, the token is consolidating at the 50-period exponential moving average (EMA).
Chainlink price has seen its MACD form a bullish crossover while the Average True Range (ATR) has drifted sideways. Therefore, the outlook for Chainlink is neutral for now. I suspect that the coin will remain in this range in the next few weeks. A break below the support at $5.8 will signal more downwards.
