Chainlink (LINK): Saudi Bank Integration Spark $125 Rally?
Chainlink's Saudi Awwal Bank Partnership: Catalyst for $125 LINK?
Chainlink [LINK] is generating buzz following its announcement on September 17th that Saudi Awwal Bank, a major financial institution with over $100 billion in assets, will leverage Chainlink services for onchain applications in Saudi Arabia.
This development follows the recent launch of "Data Streams," providing real-time pricing for traditional finance products across 37 blockchains. These partnerships and advancements have boosted investor confidence.
Key Takeaways
- Bullish Sentiment: Partnerships, digital asset treasury strategies, and accumulation by holders contribute to positive investor outlook.
- Price Targets: Short-term resistance levels to watch include $21.87 and $25.81. Longer-term targets are $31, $38, and $47.
Caliber's $6.5 Million LINK Investment
Caliber (CWD), a real estate and digital asset management platform, recently completed a $6.5 million purchase of LINK tokens for its digital asset treasury strategy.
Exchange Reserves Plummet
On-chain data reveals that Chainlink reserves on exchanges are at their lowest levels since June 2022. This trend suggests significant accumulation and reduced selling pressure.
Source: CryptoQuant
Price Prediction: What to Expect in September
Source: LINK/USDT on TradingView
Despite positive developments, Chainlink has experienced uncertain momentum recently. While the daily market structure is bullish, a fair value gap exists above the $20 level. The Chaikin Money Flow (CMF) at +0.03 indicates moderate capital inflows, while the Money Flow Index (MFI) suggests increasing bullish momentum.
Source: LINK/USDT on TradingView
A shorter-term range between $21.87 and $25.4 is evident. LINK currently trades below the mid-range level of $23.64, suggesting a potential drop to the range lows. Traders should monitor the $23 demand zone for potential buying opportunities or a further decline. The cup and handle pattern spotted on the higher timeframe price charts signaled a possible bullish breakout to $125.
Disclaimer: Market conditions are subject to change. This is not financial advice. Conduct thorough research before making any investment decisions. Platforms like Codeum offer blockchain security audits to assess smart contract risks.