- Chainlink creator Sergey Nazarov highlighted the Chainlink Digital Assets Sandbox (DAS) as a pivotal tool for financial institutions to develop and launch innovative products like bond tokenization.
- The supply of LINK on exchanges has decreased from 23.0% to 21.4% over the past month, a trend similar to a previous period that led to a 123% surge in LINK’s price.
Sergey Nazarov, the creator of the Chainlink ecosystem stated that they are working to connect the traditional finance (tradfi) ecosystem with decentralized finance (DeFi) using its native cryptocurrency LINK. In his recent post on social media platform X, Nazarov said that TradFi is gearing up to take the next big step in the adoption of digital assets as well as smart contracts. He wrote:
Accelerating the adoption of digital assets/smart contracts in TradFi is just the start. Once the world’s largest asset managers and banks are on-chain, the next step is connecting them to the DeFi protocols already powered by Chainlink. Once there is a single standard for how transactions work correctly across multiple chains as well the two worlds of DeFi and TradFi, then we will enter a global Internet of Contracts, the true promise of what our industry has been working towards.
Nazarov points out the recent launch of the Chainlink Digital Assets Sandbox (DAS), powered by Chainlink’s Cross-chain Interoperability Protocol (CCIP) and designed by the Chainlink Labs, as reported by Crypto News Flash.
The Chainlink DAS provides a secure and efficient way to explore and build cutting-edge digital assets solutions. DAS will enable financial institutions to swiftly implement and launch innovative products such as bond tokenization. This process transforms traditional bonds into tokens, enhancing time-to-market and overall efficiency. Apart from DAS, Nazarov has also been betting on the use of Chainlink blockchain for real-world asset tokenization, reported CNF.
Chainlink (LINK) Price Action
Along with the broader market correction, the Chainlink (LINK) price has also been facing a bit of selling pressure. As of press time, the LINK price is trading 1.5% down at $14.06 with a market cap of $8.5 billion and daily trading volume dropping 36% to $275 million.
However, the LINK price downtrend won’t be sustained for long as the chainlink supply on the exchange has been on a decline over the past month. On-chain data provider SantimentSantiment has observed a notable decrease in Chainlink (LINK) supply on exchanges.
Over the past 30 days, the supply has declined from 23.0% to 21.4%. Santiment highlighted that a similar drop in LINK supply occurred from September 15 to October 14, during which the 15th-ranked market cap coin surged by 123% over the subsequent four weeks.
Let’s take a look at the technical chart pattern to determine the LINK price action going ahead. Chainlink’s price faces potential downside pressure without strong market support and could soon approach the $14 support level. If selling intensifies, LINK could retreat further to the $13 support mark, with a significant drop potentially bringing it down to $12.
Conversely, a breakout above the $15 resistance could signal a bullish turn, potentially driving LINK toward the crucial $20 resistance level. If this bullish trend gains momentum, the coin’s value could surge to $30 in an anticipated rally.
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