Chainlink's LINK Token Surges 5% on Bottomline Partnership
Chainlink's LINK token surged about 5% over the past day, trading between $11.68 and $11.84 on various exchanges. The price move came alongside two significant announcements from Chainlink: a partnership with payments technology firm Bottomline and the launch of its Data Feeds on Tempo blockchain.
According to the partnership, Chainlink will act as an interoperability layer for Bottomline's existing systems, connecting them to public and private blockchains. This collaboration aims to unlock cross-chain and cross-border payments for over 600 banking clients, with Bottomline processing more than $16 trillion in payments annually.
Additionally, Chainlink Data Feeds went live on Tempo, a layer-1 blockchain built for stablecoin payments, incubated by Stripe and crypto investment firm Paradigm. This integration gives Tempo applications access to market prices without building their own oracle systems, allowing developers to use the data for various financial tasks.
While the price move is notable, it's essential to consider that LINK trades above its 20, 50, 100, and 200-day EMAs, with resistance near $12. Open interest fell from over $700 million to about $600 million, indicating a decrease in market participation despite the price holding above $11.
It's worth noting that the exact reason for the price surge is unclear, as it occurred during a broader crypto market advance. However, the partnership with Bottomline and the launch of Chainlink Data Feeds on Tempo are significant developments that may contribute to LINK's price movement in the future.