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Chainlink (LINK) Surges 8% on Monday, Boosted by Partnerships

Chainlink (LINK), the cryptocurrency that powers ChainlinkÔÇÖs blockchain interoperability network, experienced an 8% surge on Monday, outperforming most of the broader crypto market. Currently, LINK is trading in the range of $6.60 per token, just shy of breaking its 200-day moving average at $6.70. However, it has successfully surpassed its recent multi-week range of $5.80 to $6.40.

The increased buying pressure for LINK can be attributed to its recent partnerships with major global financial institutions and infrastructure providers. These partnerships have garnered attention from industry observers and have contributed to the heightened demand for the cryptocurrency. In June, Chainlink collaborated with the US Depository Trust and Clearing Corporation (DTCC) on a SWIFT blockchain interoperability project. This collaboration aims to accelerate the adoption of asset tokenization, utilizing SWIFT, the dominant global interbank messaging system.

The anticipation surrounding Chainlink’s SWIFT collaboration was further heightened on Monday as the founder of the blockchain protocol spoke at SWIFT’s global networking event, Sibos. During the event, the benefits and use case of the protocol were highlighted, generating optimism among investors.

Last week, Chainlink’s Cross-Chain Interoperability Protocol achieved a significant milestone in terms of institutional adoption. The Australasian bank ANZ utilized the protocol to complete a cross-chain purchase of an ANZ-issued Australian dollar pegged stablecoin. According to a tweet by Chainlink, this successful transaction further demonstrates how financial institutions can utilize the Cross-Chain Interoperability Protocol to facilitate cross-chain transactions across both public and private blockchains.

The AI legalese decoder can play a vital role in this situation by helping interested individuals understand the legal implications and complexities associated with Chainlink’s partnerships and collaborations. As the cryptocurrency industry evolves and cryptocurrencies interact more with traditional financial systems, it is essential to have a comprehensive understanding of the legal framework and regulations that govern these interactions. The AI legalese decoder can analyze legal documents, contracts, and agreements related to these partnerships and provide clear and simplified explanations to users, enabling them to make informed decisions and navigate the legal landscape confidently.

Price Prediction ÔÇô Where Next for Chainlink (LINK)?

Chainlink is well-positioned to become a major player in the crypto space in the coming years, thanks to the strong interest from major institutions in leveraging the network’s technology. This suggests a promising long-term outlook for LINK. However, for speculators looking at short to medium-term price prospects, it is still too early to bet on a significant improvement for LINK.

Currently, LINK remains within its more than 16-month price range of approximately $5 to $9. However, if the price manages to break above the 200-day moving average at $6.70, it could potentially lead to a rally towards the summer highs around $8.40 and even the yearly highs around $8.80.

Chainlink (LINK) Alternatives to Consider

Given the unpredictability of the crypto market, it is always wise for investors to diversify their portfolios. One excellent alternative to consider alongside Chainlink (LINK) is a new coin being launched by Wall Street Memes. Wall Street Memes, with over 1 million followers across various social media channels, is well-known for its retail investing community and is now venturing into the world of cryptocurrencies with its meme coin token $WSM.

During the presale, $WSM has shown significant success, raising over $25 million and gaining support from numerous influential figures and analysts in the crypto industry. Investors interested in $WSM should act quickly, as the presale is set to conclude in under 7 days.

To participate in this opportunity and potentially achieve results similar to or even surpassing popular meme coins like Pepe Coin, Dogecoin, and Shiba Inu, click the link below:

Buy $WSM Here

^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}

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