Newton Gitonga
Chainlink (LINK) trades at $14.60 after recent uptrends saw it escaping a prolonged consolidation range.
Meanwhile, the altcoin encountered resistance after hitting the $15.27 daily high.
LINK rebounded to its press time levels after hitting a 24-hour low at $13.91, and a historical setup suggests a potential surge to $35 – a 139.73 uptick from current prices.
LINK’s super bullish pattern
Chainlink’s price skyrocketed to $53 during the 2021 bull run.
However, subsequent crashes plummeted the token to $3.66 before multi-month consolidations.
The subsequent breakout triggered an explosive 167% surge late last year.
Notably, LINK has repeated the pattern since March 2024 and broke out of its consolidation range on 4 November.
A repeat of history would propel the altcoin to $35, translating to an approximately 140% surge from current prices.
Moreover, the setup occurs when Chainlink witnesses increased demand.
Brazil’s Banco Central do Brasil (BCB) has patterned with Chainlink for its CBDC initiative.
Brazil taps Chainlink in its CBDC push
Amidst its recent push to utilize CBDC for cross-border transactions, Brazil’s central bank tapped a crypto platform, Chainlink.
We’re excited to announce that Brazil’s central bank @BancoCentralBR is using Chainlink in its CBDC project, alongside @Microsoft (@msPartner), @interbr, & 7COMm.
CCIP enables cross-currency, cross-border, cross-chain transactions to be settled securely🧵
prnewswire.com/news-releases/…
Also, the deal included top entities like 7COMm, Banco Inter, Microsoft, and the Hong Kong Monetary Authority.
Brazil’s CBDC pilot program entered the second phase, with BCB tapping top players in every sector to promote international transfers and enhance supply chain management.
The program will leverage Chainlink’s CCIP (Cross-Chain Interoperability Protocol) to connect Banco Central do Brasil to central banks in other jurisdictions for international payments.
The press release added:
Chainlink CCIP is positioned to offer valuable infrastructure for DREX, as well as other central bank digital currencies (CBDC) and tokenized assets by enhancing liquidity through smooth token transfers across various blockchain networks.
Moreover, Chainlink will offer DvP (Delivery versus Payment to enable commodity delivery after payment confirmation and PvP (Payment versus Payment) to support cross-border transactions.
Chainlink oracles help connect blockchain systems with off-chain data, ensuring smooth real-time data for CDBCs.
The latest move by Brazil’s central bank presents Chainlink as a top crypto project for real-world use cases.
LINK anticipates remarkable price actions as Chainlink enters the banking sector, aligning with ongoing bullish forecasts.
LINK price action
The altcoin’s performance shows it struggling to overcome the resistance at $15.35, changing hands at $14.60.
LINK climbed from its weekly lows of $12.80 amid positive sentiments in the broad crypto space.
While Chainlink retraced after hitting this region, soaring buyer momentum supports imminent upswings past the obstacle.
That would trigger surges past $16.74 and $18.51 and open the path for further gains.
The buying pressure resurgence and real-world adoption could propel LINK by around 140% to surpass $35.
Additionally, broad market enthusiasm and Bitcoin eyes $100K after $97K ATHs back LINK’s anticipated rallies.
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