Chainlink Eyes Recovery as $350 Trillion Market Opportunity Unfolds

• According to Sergey Nazarov, the founder of Chainlink blockchain,it will reach a market value of $350 trillion when traditional financial systems integrate with blockchain technology.
• SWIFT and Chainlink will work with banking leaders from across the world through trial programs that will help expand blockchain usage.
• Link’s long-term potential has earned the support of U.S. government-linked wallets which now control over 100,000 LINK tokens.

Chainlink (LINK) registered a steep price drop since December 2022 which continues to affect its market valuation. The price reduction happens during the general correction phase of cryptocurrency markets. Long-term growth potential exists for Chainlink because it serves the financial market sector combined with upcoming collaborations with prominent institutions.

Sergey Nazarov from Chainlink leads the industry toward believing blockchain technology will define the future of financial markets. Sergey Nazarov advocates for integrating blockchain technology with traditional finance systems because it would enable a $350 trillion market opportunity.

The Chief Architect Nazarov highlighted that Chainlink technology serves as the pivotal solution which enables regulated assets to make smooth transitions into blockchain-based systems.

SWIFT Trial and Institutional Collaborations Underway

The financial sector represents an important aspect of Chainlink’s development because the organization works with SWIFT to facilitate its annual $150 trillion transaction volume. SWIFT along with Chainlink will perform a vendor system test on May 2, and the subsequent pilot system launch will occur on July 19. Series of institutional adopters does include the major banking institution UBS as one participant in this initiative.

The success of this initial blockchain implementation is expected to pave the way for traditional financial institutions to adopt blockchain according to schedule at MX’s rollout in November.

Chainlink Among U.S. Government-Linked Holdings

The U.S. government participates in cryptocurrency market activities through 106000 LINK-tokens worth $1.7 million based on data gathered by Arkham Intelligence. Institutional entities increasingly show interest in Chainlink’s capability which supports predictions about digital assets taking part in emerging financial policy frameworks.

Prices of Chainlink demonstrated a rebound back from its May 2022 to June 2023 low point at $5.25. The present market structure shows a bullish megaphone pattern, which has two moving trend lines that are rising and diverging from each other. According to historical observations,s this price formation suggests an upcoming upward movement.

The price may fall towards the bottom border of this pattern followed by a possible resilient upward trend. The technical outlook suggests that Chainlink might reach $31 as its price jumps by 120% from present values. The alternative outlook would be threatened if LINK price falls beneath the pattern’s boundary support at $5.25.

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