Chainlink Price Soars After Breaking Through Key Resistance Area

Chainlink's price has surged over 8% in the past 24 hours to reach $13.26, its highest level since breaking through the $12 resistance area. This marks a 62% gain for LINK in the past 30 days and a 18% increase in just seven days.

The recent price action is largely attributed to Chainlink's strategic partnership with Bottomline, a payments technology firm that serves over 600 banks and processes more than $16 trillion in payments each year. The companies plan to connect Chainlink's infrastructure, including its Cross-Chain Interoperability Protocol, with existing banking payment systems for cross-border and cross-chain transactions.

Other factors contributing to the price increase include Circle's launch of cirBTC, which uses Chainlink Proof of Reserve to provide onchain verification of Bitcoin reserves backing the wrapped asset. Wyoming has also selected Chainlink Proof of Reserve to provide near-real-time reserve verification for its Frontier Stable Token.