LINK Shifts Momentum as Stablecoin Chain Plasma Integrates Chainlink Services
The native token of oracle network Chainlink LINK$22.59 pulled back slightly on Friday, establishing a higher low, posting a 6.7% gain this week. The price action has been supported by a string of news headlines about institutions and protocols tapping Chainlink's services.
Plasma (XPL) said on Friday it has joined Chainlink Scale, adopting Chainlink's oracle services for its stablecoin payments-focused blockchain. The network has integrated Chainlink's Cross-chain Interoperability Protocol (CCIP), Data Streams and Data Feeds services, supporting developers to build stablecoin use cases on Plasma.
"By adopting the Chainlink standard and joining the Chainlink Scale program, Plasma is demonstrating how new layer-1 networks can launch with enterprise-grade stablecoin infrastructure from day one," said Johann Eid, chief business officer at Chainlink Labs, the development organization behind Chainlink.
The news follows Swiss bank UBS starting a pilot with Chainlink earlier this week, integrating the CCIP protocol with SWIFT's messaging system for tokenized fund operations.
Meanwhile, the Chainlink Reserve, a facility that purchases tokens on the open market using income from protocol integrations and services, bought another 46,441 LINK on Thursday, bringing total holdings over 417,000 tokens, worth $9.5 million.
Technical indicators signal bullish momentum is returning for LINK, establishing a clear higher low but facing resistance at the $23 level, CoinDesk Data's research model suggested.
- LINK changed hands within a $0.96 range between $22.13 and $23.09, representing a 4.27% fluctuation during the 24-hour period.
- Established critical support at $22.13 with substantial buying interest at an elevated volume of 1,409,489 units, above the daily average of 1,178,000.
- The token carved out a clear higher low pattern, suggesting renewed upward momentum towards the $23.10 resistance zone.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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