Key Insights:
- Chainlink teams with UBS and DigiFT to enhance tokenized products in Hong Kong’s Cyberport program.
- Analysts target $30 resistance, forecasting a strong upward trend if LINK breaks $24.
- Traders focus on short-term gains with Chainlink’s breakout above downtrend resistance, targeting $30-$50.
Chainlink ($LINK) has announced a new partnership with UBS, a global wealth management leader, and DigiFT, a regulated exchange focused on real-world asset (RWA) tokenization. This collaboration aims to automate the distribution, transfer, and lifecycle management of tokenized products.
Chainlink and UBS Collaborate on Tokenized Products
Chainlink’s partnership with UBS and DigiFT brings together leading institutions to enhance the functionality of tokenized financial products. UBS, a renowned global wealth manager, will provide the necessary economic infrastructure, while DigiFT, a regulated exchange, will oversee the distribution and lifecycle management of tokenized products.
This initiative is part of the Hong Kong Cyberport program, which aims to develop the region’s digital finance sector. The collaboration seeks to increase the efficiency and scalability of tokenized products.
As the market grows, Chainlink’s role in automating processes could prove critical to broader industry adoption. The partnership aligns with Chainlink’s ongoing mission to enable seamless connections between blockchain systems and real-world assets (RWAs).
Bullish Outlook for Chainlink’s Price
Several analysts have raised their price targets for Chainlink, with a clear bullish outlook in the market. According to CryptoWZRD, the price of LINK could rise significantly if the LINKBTC trading pair strengthens.
The analyst suggests that the $30 resistance level is the next key target. If the price breaks through $24, LINK could see a longer bullish move, with a target of $26.50 or even higher. Chainlink’s recent price action shows that the token has surpassed key levels, triggering interest among traders.
As of press time, the price of LINK stands at $23.76, up 1.19% in the last 24 hours. A strong move above $24 could pave the way for further gains. The next support level is identified at $22.00, providing a cushion for any downward price corrections.
Focus on Short-Term Trading Opportunities
Moreover, while Chainlink’s long-term outlook is positive, traders are particularly focused on short-term opportunities. The recent breakout above downtrend resistance has sparked renewed interest in the asset.
Analyst Crypto_rand also expressed optimism, noting that $LINK is triggering a bullish reversal due to the clean breakout over the downtrend resistance. Traders are now eyeing the $30 and $50 ranges as the next significant targets.
With the potential for both short-term and long-term gains, investors are watching Chainlink’s price closely. As the market continues to show volatility, any break above $24 could lead to further bullish momentum, with more upside potential ahead.
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Source: https://coincu.com/analysis/chainlink-partners-with-ubs-and-digift/