Key Takeaways
Chainlink’s perceived value to investors is expected to increase following partnerships with the U.S Department of Commerce, ICE, and xStocks. This, in addition to a new ETF filing by Bitwise.
Chainlink [LINK] saw significant developments in August. On 11 August, Chainlink announced its partnership with Intercontinental Exchange Inc. (ICE). ICE is the parent company of the New York Stock Exchange.
The goal of the partnership is to integrate data on Forex and precious metals from ICE’s Consolidated Feed to Chainlink’s Data Streams. This is a major step forward in incorporating traditional market infrastructure within blockchains.
On 28 August, Chainlink announced that it had been chosen by the U.S Department of Commerce to bring U.S macroeconomic data from the Bureau of Economic Analysis (BEA) onto the blockchain.
Chainlink integrated six different data points, including Real Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE). This could give rise to a wide array of blockchain applications, such as automated trading strategies, and increase the composability of tokenized assets.
Chainlink proving key for RWA tokenization, sees ETF proposals
xStocks on Solana [SOL] are the tokenized versions of real-world stocks and ETFs. Launched in late June by Backed, tokenized stocks give non-U.S. investors exposure to stocks. It doesn’t need investors to deal with intermediaries, and the trading will be 24/7.
Chainlink joined the xStocks alliance as the official oracle infrastructure. It runs the dedicated data feeds to provide prices and corporate actions like dividends and splits.
Recently, a strategic partnership between SBI Holdings and Chainlink was announced to accelerate institutional digital asset adoption. In fact, Bitwise filed to launch a new exchange-traded fund (ETF) for LINK.
Source: DefiLlama
Ranked by Total Value Secured (TVS), Chainlink reigns supreme in the oracle market, with $60.4 billion in TVS – Nearly 62% of the market share. The flurry of positive developments in recent weeks meant that Chainlink may be a strong contender vying for investor interest and capital. It could prove to be a good choice for altcoin investors.
In a post on X, an analyst projected the all-time high of $52.7 as the price target for LINK before the end of the year in 2025. The price charts also outlined some obstacles on the way.
Source: LINK/USDT on TradingView
The weekly chart underlined a bullish market structure. The buyers appeared to be in control, as the CMF’s reading was +0.08. The RSI was also above neutral 50 to indicate bullish momentum.
The $25 and $29.3-levels were key resistances from the rally in late 2024 that are yet to be broken. LINK buyers from back then could opt to sell their holdings as the price approaches the $30-mark.
Therefore, investors might need to wait for $30 to be reclaimed as support before expecting quick, intense rallies.
