Chainlink Expands to TRON, Volume Dips As JP Leverages LINK Interoperability

Chainlink (CRYPTO: LINK) price is currently $16.31, marking a gain of over 30% on its monthly chart. It follows Chainlink's latest integration with the TRON blockchain, some market hesitation amidst a recent price correction, and increasing interest from both large and smaller investors in Chainlink. 

According to Blockchain News, Chainlink will expand its decentralized oracle services to TRON’s high-throughput network, which will enable enhanced functionality for smart contracts. Per Blockchain News, Chainlink price experienced a notable spike in trading volume after the announcement, surging by 28% within two hours to reach $320 million.

Don't Miss:

• Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies.
• New to trading crypto? Get up to $400 in rewards for successfully completing short educational courses and placing your first qualifying trade on Coinbase.

According to The Currency Analytics, daily trading volume has declined by 15% as traders tread with caution. In the past 24 hours, the price of LINK has dropped by around 4%, as per CoinMarketCap.

Global financial institution, JPMorgan Chase & Co (NYSE:JPM), has successfully completed a transaction involving tokenized US Treasury bonds on the Ondo Finance platform, using Chainlink’s interoperability. Per Cointribune, this is the first time that a major global bank connects its payment system to a public blockchain. Chainlink will act as a secure communication bridge between JPMorgan's private blockchain and Ondo's public network.

JPMorgan’s successful tokenized asset transaction emphasizes the increasing demand for Chainlink’s ability to facilitate secure communication, and value transfer between traditional finance and public blockchains.

Chainlink co-founder, Sergey Nazarov, stated that asset tokenization is widely anticipated to accelerate capital flows within traditional markets, reports Cointelegraph. 

According to TradingView, DeFi platform Dolomite has also integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate seamless asset transfers between Verachain, the Ethereum mainnet, and Arbitrum networks.

The Currency Analytics reported two substantial transfers totaling approximately 2.54 million LINK, valued at over $41 million. The tokens moved from the Bybit exchange to an unidentified wallet likely controlled by a single large entity.

IntoTheBlock reveals a significant surge in retail activity, with transaction volumes ranging from $1,000 to $100,000, experiencing increases of 87% and 130%, respectively. 

The RSI for Chainlink is currently 58, per TradingView. While the asset is approaching overbought conditions, there is still room for potential short-term gains before significant profit-taking might occur.

If LINK can maintain support above the critical $15.70 level, it could potentially rally by another 35% to a target near $23.15. But a break below $15.30 could negate this bullish outlook, per CoinLore. The community sentiment for Chainlink is highly bullish, with a score of 87%, as per CoinMarketCap. According to CFGI, investors' current outlook for Chainlink is neutral, which was in the greed zone a week ago.

Investors may have to wait for further confirmation of sustained upward momentum before taking a plunge.

More Opportunities:

• Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account.
• Trade, earn, and grow your crypto portfolio with Crypto.com — plus receive up to $500 worth of rewards in the most popular tokens if you're a new customer.

Image: Shutterstock