TLDR
- Chainlink gained 38.6% in August despite Bitcoin volatility
- SBI Group partnership targets tokenization and cross-border payments
- Network activity matches November 2024 levels when LINK rallied 177%
- Technical analysis shows bullish channel with $29.26 target
- Oracle network positioned for institutional blockchain adoption
Chainlink has delivered impressive gains throughout August, posting a 38.6% rally over the past 30 days. The oracle network token has outperformed many cryptocurrencies while Bitcoin faced market volatility.
The surge coincides with a major partnership announcement between Chainlink and SBI Group, Japan’s financial powerhouse managing over $200 billion in assets. This collaboration aims to accelerate blockchain adoption across Japan and Asia-Pacific markets.
Network Activity Signals Bullish Momentum
On-chain data reveals growing network adoption that mirrors patterns from Chainlink’s previous major rally. New Addresses on the network have been trending upward since June, reaching 2,163 users. This level matches activity seen in November 2024.
Active Addresses show similar growth patterns, approaching levels from November 2024 when LINK began its rally from $10.56 to $29.26. The Network Value to Transactions Signal (NVTS) currently sits at identical levels to early November 2024, suggesting potential for continued gains.
The NVTS metric compares market capitalization to transaction volume using a 90-day moving average. Lower NVTS values typically indicate an asset is undervalued relative to its network utility.
SBI Partnership Drives Institutional Adoption
The SBI Group collaboration focuses on real-world blockchain applications including tokenization of real estate assets and government bonds. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will enable secure multi-blockchain transactions while maintaining regulatory compliance.
Cross-border payment solutions represent another key use case. The partnership plans to develop payment-versus-payment systems for foreign exchange transactions using Chainlink’s oracle technology.
SBI Digital Asset Holdings surveyed over 50 financial institutions, finding 76% would invest in tokenized securities for faster settlement and reduced costs. However, institutions cited lack of reliable infrastructure as the primary barrier to adoption.
Chainlink SmartData will provide net asset value data for tokenized funds, improving efficiency and liquidity for fund managers. The network’s Proof of Reserve technology will verify stablecoin backing, adding transparency to settlement processes.
Chainklink Price Prediction
The 4-hour chart shows Chainlink trading within a rising channel pattern. The token recently broke above $24.88 resistance and is testing this level as support.
Key technical indicators support the bullish outlook. Moving averages, Awesome Oscillator, and Accumulation/Distribution indicators favor buyers at current levels.
The $24.3-$25 range provides crucial support. If this zone holds, LINK could target channel highs near $29.26, matching November 2024 peaks.
This partnership represents Chainlink’s second collaboration with SBI Group following their work on UBS Asset Management’s Project Guardian in Singapore. The oracle network is positioning itself to capture growing institutional demand for blockchain infrastructure as traditional finance embraces tokenization and digital assets.
