Chainlink (LINK) Soars 15% Following DTCC Partnership: Will the Rally Persist?

• The recent surge in Chainlink’s price coincides with a significant increase in whale activity over the past five weeks.
• Additionally, its recent partnership with DTCC adds further momentum.
• Highlighting a noteworthy detail, Chainlink’s price eyes a rally to $20 amid strong surge in whale activity.

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Chainlink’s Strategic Partnership and Whale Activity Fuel Price Surge

Following its collaboration announcement with DTCC, Oracle service provider Chainlink (LINK) has experienced a robust surge. Over the past 24 hours, the Chainlink (LINK) price has soared by an impressive 15%, now standing at $16.09 with a market cap of $9.44 billion. Moreover, LINK’s daily trading volume has surged by a remarkable 200%, exceeding $1 billion.

Strong Whale Activity Boosts Chainlink Price

On-chain data provider Santiment reported that the recent Chainlink price rally comes on the backdrop of strong LINK whale activity, setting it apart from the broader cryptocurrency market. The number of Chainlink whales—addresses holding 100,000 LINK or more—has risen to 564, marking a 4.6% increase in just five weeks. Santiment notes that if social dominance remains steady and FOMO (Fear of Missing Out) does not dominate, bullish conditions could be on the horizon for Chainlink.

Partnership With DTCC

In a major announcement, blockchain oracle Chainlink joined hands with Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system. These two players will work along with several top financial banks in the U.S. to boost the tokenization of traditional financial funds. On Thursday, May 16, DTCC reported that it conducted the Smart NAV Pilot program in order to standardize the method of providing NAV data of funds across different blockchain platforms by leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Conclusion

This strategic partnership between Chainlink and DTCC, coupled with increasing whale activity, presents a promising outlook for LINK’s market performance. The integration of blockchain technology in traditional financial processes continues to unfold, potentially leading to broader adoption and innovative applications in the financial sector.