- Chainlink price has surged to the highest point since February last year.
- It has more than doubled from the lowest level in June 2023.
- This performance is because of its strong role in the tokenization industry.
Chainlink (LINK) price has gone vertical as demand for the Oracle network jumps. The token has soared foe the past two straight weeks and is now sitting at the highest level since May 2022. It has surged by 120% from its lowest point in 2023.
Leader in tokenization and oracles
Chainlink is a leading player in the blockchain industry. It is the biggest Oracle network, which makes it possible for developers to link off-chain data to the on-chain. As a result, it powers some of the biggest dApps in the industry by providing price feeds and other solutions.
Chainlink has also become a major player in an emerging fast-growing industry known as tokenization. Tokenization is a process that seeks to convert most things like stocks, real estate, cash, and other physical assets into tokens. By doing that, these assets can be traded and exchanged easily.
Demand for tokenization has grown recently, with analysts expecting over $1 trillion assets to be tokenized in the next few years. For example, a bank like JPMorgan recently tokenized a transaction for Blackrock and Barclays.
Similarly, ANZ Bank, an Australian mega-bank, also completed a transaction using its tokenized technology. Other top companies that have embraced this technology are Swift, London Stock Exchange (LSE), and UBS.
Therefore, Chainlink price is surging as investors bet in a platform that has a pole position in the industry. It also jumped after a series of integrations across key blockchains like Polygon, Ethereum, and BNB Chain. These integrations include Kreepy Kritters, BTCL Protocol. And Acryptos DAO.
LINK price has also surged because of Bitcoin’s performance. BTC has now surged to $30,000 as hopes of a Bitcoin ETF rose. Also, it has risen after Chainlink launched Constellation, a hackathon with over $350k in prizes.
Chainlink price forecast
The daily chart shows that LINK crypto price has made a major bullish breakout in the past few months. It bottomed at $5 in September and has now surged to $11. It has also crossed the important resistance point at $9.64, the highest swing in November last year.
LINK has also moved above all moving averages while its green volume has soared. Therefore, I believe that the coin has now entered the markup phase of the Wyckoff Method. As such, I suspect that it will have more upside in the short-term before it enters the distribution phase this week. The key levels to watch will be at $12.
