Chainlink price is picking up pace because the strategic partnership with financial technology firm Bottomline offers an institutional payments boost that supports the recent rally of LINK tokens.
As per reports, Chainlink currently stands at $11.68, marking a rise of 5.05% over the past 24 hours. The rise comes after Bottomline’s strategic partnership with Chainlink to offer cross-chain and cross-border payments for its portfolio of over 600 banking clients.
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Why Is Chainlink Price Seeing a Rise Today?
The collaboration helps Chainlink integrate itself further with the existing financial systems. The Bottomline network handles more than $16 trillion in annual payments, and Chainlink will provide an interoperability layer that will connect existing payment systems with public and private blockchain networks.
Chainlink described the partnership as enabling “cross-chain, cross-border payments” for Bottomline’s 600+ bank customers.
The importance of this announcement is that the banks joining the collaboration network can continue using the same ISO 20022 messaging protocol while gaining access to on-chain payment rails.
Chainlink has confirmed that its CCIP and Runtime Environment (CRE) will help coordinate payments and related workflows.
Also Read: Chainlink Links 10 Networks to Official US Economic Data
What Does Chainlink Price Open Interest Tell Us?
As seen on CoinGlass, open interest of Chainlink increased sharply in the August rally, reaching above $700 million and then falling back to about $600 million in early September.
A reduction in open interest while LINK remains above $11 suggests that some leveraged positions have been closed or reduced. This means that the current move has a different structure from a rally driven solely by increasing derivatives exposure.
Can Chainlink Price Break Higher
TradingView’s daily chart shows that Chainlink (LINK) is trading at $11.68, positioning the coin’s value well above the 20-day EMA at $10.878 and the 50-day EMA at $9.876.
Furthermore, the value is well above the 100-day EMA at $9.375 and the 200-day EMA at $9.814, thus forming a positive technical picture in general.
Short-term resistance can be seen around $12, from where LINK recently witnessed some selling interest. A move above the $12 mark could help strengthen the uptrend further, while a move below the 20-day EMA could dampen the short-term bullish momentum.
Also Read: Chainlink’s LINK Price Eyes Breakout Toward $15 as Bullish Pennant Forms
What Do Chainlink Price Traders Need to Watch in the Future?
Trading volume is another important factor to look at. According to CoinGlass statistics, LINK trading volume exceeded $1 billion during the breakout in August and dropped thereafter, implying that a surge in trading volume could be needed to push prices higher.
Right now, $12 appears to be the main upside level, while $10.878 is the closest dynamic support level. Further progress in the Bottomline partnership, along with more information on institutional adoption, may prove to be an important catalyst for a continued rise in LINK.
The cryptocurrency markets remain highly volatile; thus, traders need to follow price action, market sentiment, and future catalysts before making investment decisions.
Also Read: Chainlink Price Eyes $12 After Powerful 38.3% August Rally
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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