Chainlink(LINK) Drops 20% Amid Crypto Sell-Off, SWIFT Trial Boosts Growth Prospects

Chainlink, a prominent blue-chip cryptocurrency, has experienced a significant decline from its December highs due to the ongoing crypto sell-off. However, there are indications that the Chainlink price may rebound, driven by a $350 trillion opportunity identified by its founder, Sergey Nazarov. Additionally, Chainlink is set to commence a trial with SWIFT, further bolstering its potential for growth.

Sergey Nazarov, the founder of Chainlink, envisions a future where the oracle network plays a pivotal role in the financial industry. He believes that integrating blockchain technology with traditional finance could unlock a $350 trillion opportunity. Nazarov stated, "We don’t want our industry to be about $3.5 trillion. We want it to be about $35 billion, and eventually $350 billion. To do this at this stage of the game, generating crypto tokens will benefit and do some of that, but won’t take us to $10 trillion. What will take us there is if all regulated asset value come together. Chainlink as a technology stack will be important for implementing that flow of value."

Chainlink is already making strides in large industries, notably collaborating with the SWIFT Network, which facilitates transactions worth over $150 trillion annually. The two entities are scheduled to conduct a vendor system test on May 2nd and a pilot system on July 19th. UBS, the world's largest wealth manager, is participating in this pilot. Following the pilot, they plan to release the MX standards in November. SWIFT anticipates that blockchain technology will be integral to the future of financial services.

Furthermore, Chainlink's price may receive a boost from its inclusion in the US government's assets. Arkham data reveals that wallets linked to the US government currently hold over 100k LINK tokens, valued at over $1.7 million. This inclusion suggests that LINK could become part of the government's digital asset holdings.

The weekly chart indicates that the Chainlink price bottomed at $5.25 between May 2022 and June 2023. It has since bounced back, forming two higher highs and two higher lows. The ongoing retreat is part of the third higher low. The Chainlink price has formed a megaphone pattern, a popular bullish continuation sign. This pattern, consisting of two ascending