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Chainlink led the gainers over the past day following a remarkable 36% surge during the 2 December late trading session.
LINK has presented remarkable price actions the previous month, soaring from the $11 vicinity early in November to its recent peak, representing the highest level since January 2022.
Meanwhile, most of the altcoin’s gains came within the past day, with the collaboration between Chainlink and fintech firm 21X catalyzing the upside stance.
We’re excited to announce Europe’s first tokenized securities trading & settlement system—21X (@tradeon21x)—is adopting the #Chainlink standard. Price Feeds will underpin 21X’s trading engine & CCIP will connect it to assets across the onchain economy: 21x.eu/21x-announces-…
21X collaborates with Chainlink
The Frankfurt-based firm unveiled a partnership with the Oracle platform to launch the first EU-licensed financial market groundwork for tokenized securities.
Set for the Q1 2025 launch, the new infrastructure will use Chainlink’s tech stack for various functions. Moreover, it will adhere to Germany’s Federal Financial Supervisory Authority supervision.
According to the announcement:
21X and Chainlink will enable on-chain secondary market price feeds for bid and ask prices on the first EU-regulated distributed ledger technology (DLT) trading and settlement system, which will be launched under the supervision of BAFin, Germany’s Federal Financial Supervisory Authority.
Chainlink’s technology will help in several functions.
These include ensuring access to stablecoins and assets in different blockchains, facilitating cross-chain interoperability via the CCIP (Cross-Chain Interoperability Protocol), and providing accurate and secure price data for products listed on 21X.
European markets have seen increased activity as the region welcomes the comprehensive Markets in Crypto Assets (MiCA) regulatory framework.
For instance, Tether halted its stablecoin operations in the EU last week, citing challenges under MiCA.
Chainlink Labs’ Global Head of Banking & Capital Markets commented on the alliance with 21X, stating:
We’re excited to partner with 21X and help foster the adoption of regulated blockchain-based markets across Europe. Reliability and security are paramount when transacting within controlled environments, and Chainlink’s infrastructure provides valuable support for enhancing the user experience of 21X’s tokenized securities market infrastructure.
LINK price action
The altcoin trades at $24.95 after retracing from the latest high, though still 26% up on its daily chart.
Source – CoinmarketcapLINK’s 24-hour trading volume has jumped to $9.38 billion after an 800% increase within the past day.
Thus, Chainlink exhibits massive bullish momentum, signaling continued upswings.
According to the daily chart, LINK formed a symmetrical triangle setup in 2021.
The altcoin has consolidated within this pattern since then, only to overcome it some days ago.
The breakout indicates chances of a bullish flag formation, which might propel LINK prices to $50 in the upcoming months.
That would lead to an over 100% gain from current values.
However, sudden bearishness would trigger significant dips. Chainlink could dip to $18.66 and push lower to $14.9.
Nonetheless, surging interest from institutional players positions LINK for robust price actions in the upcoming sessions.
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