- Chainlink has been one of the best-performing cryptocurrencies recently.
- The coin has soared by over 158% from the lowest level this year.
- It has jumped because of its role in Real World Asset (RWA) tokenization.
Chainlink (LINK) price continued surging this week as traders wait for the upcoming Constellation hackathon. The LINK token soared to a high of $12.30, the highest point since April 25th, 2022. It has soared by more than 155% from the lowest point this year, giving it a market cap of over $6.8 billion.
Tokenization and Constellation
Chainlink has done well this year mostly because of its central role in the blockchain industry. It has become an invaluable platform for DeFi ecosystems, where it provides price feeds to some of the biggest players in the industry. Chainlink now helps to secure platforms worth over $12 billion.
Chainlink has also become an important platform in the new and growing field of Real World Asset (RWA) tokenization. It is a giant industry, which some analysts believe will be worth trillions of dollars in the next few years.
We have seen many large companies embrace the tokenization technology. Recently, JPMorgan handled a big transaction between Blackrock and Barclays using tokenization. Other companies like London Stock Exchange (LSEG) and ANZ Bank have also handled large transactions using the technology.
Therefore, Chainlink price has jumped as investors predict that the network will have a valuable role in the industry. It also has a partnership with Swift, a large network that connects thousands of banks. Swift handles trillions of dollars every day.
The future of tokenization is bright. In a Tweet, Chainlink noted that it can apply to the automotive industry, where a user would tokenize their Tesla vehicle. All future owners would then have verifiable information about the vehicle.
The next key catalyst for the LINK price is the upcoming Chainkink Constellation hackathon that will happen between November 8th and 10th. Winners will be competing for up to $500k in prizes. They will also join Chainlink’s events, get technical support from the team, and connect with like-minded people.
Chainlink price forecast
The daily chart shows that the LINK crypto price has been in a strong bullish trend in the past few months. It recently crossed the important resistance point at $8.80, the highest point on April 18th. The coin has jumped above the 50-day and 100-day Exponential Moving Averages (EMA).
At the same time, the Relative Strength Index (RSI) has moved to the overbought level of 70. The price is also above the Ichimoku cloud indicator. Therefore, the outlook for LINK price is bullish, with the next level to watch being at $15.
