- Chainlink’s decentralized oracle network could play a vital role in facilitating secure and efficient tokenization processes for BlackRock.
- Analysts suggest that if this partnership develops, it could lead to a significant increase in the value and adoption of LINK, potentially elevating it to the top tier of cryptocurrencies.
Chainlink (LINK), a leading player in the decentralized oracle space, could be on the verge of a major breakthrough. Speculation is growing around a potential collaboration with Larry Fink, CEO of BlackRock, the world’s largest asset manager. This development comes as Fink continues to explore blockchain tech for its use in tokenizing real-world assets (RWAs) like stocks, bonds, and real estate.
Will Chainlink & Larry Fink Collaborate?
The potential partnership between Chainlink and Fink’s BlackRock could place the LINK token at the forefront of this tokenization wave. For further context, Chainlink is known for its infrastructure that connects smart contracts with real-world data. Thus, its decentralized oracles would play a critical role in enabling secure and efficient tokenization processes. As reported by CNF, BlackRock has already made strong inroads into the Bitcoin market and views this asset as eating into the market share of Gold.
Such a feature aligns with Fink’s vision for a future where traditional financial assets are represented on the blockchain. Hence, crypto analysts are predicting that this move could have a massive impact on LINK price and utility. One analyst noted, “Chainlink provides the infrastructure for smart contracts to interact with real-world data. With RWAs becoming tokenized, LINK’s utility skyrockets.”
When tokenized assets flood the blockchain, Chainlink could become the central hub for liquidity. Moreover, it could eventually absorb significant value, which could propel the LINK price upwards, as reported by CNF.
With BlackRock’s influence and resources, Chainlink could see an unprecedented increase in demand for its technology. “Top 10 Coin? Absolutely,” the analyst speculated. This suggests that the Chainlink price surge would put LINK in the top 10 cryptocurrencies list as RWAs gain momentum.
If this partnership materializes, the LINK price surge will be driven by increased adoption and institutional support. Investors are keeping a close eye on Chainlink developments as their potential to lead the next phase of blockchain innovation becomes more apparent.
LINK Price Technicals
However, currently, the LINK price is struggling with a downtrend. It is trading below the crucial level of $12. At press time, LINK price dropped by 1.48% to $11.24 on Thursday, October 24. Meanwhile, the 24-hour trading volume for LINK plunged 18.18% to $244.46 million.
Moreover, the Relative Strength Index (RSI) for LINK stands at 48.854, according to TradingView data. This suggests that the Chainlink token is far from the PO “oversold” territory, hence, a bounce back is unlikely in the short term.
Moreover, LINK long liquidations surpassed $0.5 million in the last 24 hours, according to Coinglass. Though the amount is less, it could still weigh on the LINK price owing to the already sluggish performance. Nonetheless, if Chainlink and BlackRock were to partner, it could lead to a surge in demand for LINK, eventually turning the tables.
