Chainlink Partners J.P. Morgan Kinexys Ondo for Cross-Chain Transactions LINK Drops 6.68%

Chainlink has made a significant advancement into the realm of institutional finance by collaborating with J.P. Morgan’s Kinexys and Ondo. This partnership aims to support cross-chain transactions involving tokenized assets, leveraging Chainlink’s secure Delivery versus Payment (DvP) infrastructure. This development is in response to the growing demand for reliable cross-chain systems as real-world assets (RWAs) on public blockchains have surpassed $23 billion.

Chainlink’s Runtime Environment is pivotal in orchestrating the workflow between these blockchain networks. The collaboration allows institutions to purchase Ondo’s tokenized treasuries using Kinexys Digital Payments. Kinexys, a permissioned blockchain backed by J.P. Morgan, supports over $1.5 trillion in notional value from institutional clients. Ondo Chain, on the other hand, is renowned for its focus on regulated settlement of tokenized assets.

Chainlink’s involvement in this partnership underscores its growing role in institutional blockchain infrastructure. The secure environment provided by Chainlink manages transactions across both permissioned and public blockchains, reducing uncertainty and mitigating counterparty risk. This coordination is essential for the seamless operation of cross-chain transactions, ensuring that institutional clients can confidently engage in tokenized asset settlements.

As news of this partnership emerged, the LINK price showed notable intraday movements. Trader Efloud identified $12.7 as support and $15.7 as resistance. The token recently bounced from $12.7 and was rejected at $15.7, aligning with Efloud’s predictions. Efloud closed a short position at $14.1 and is closely monitoring that level for a potential long entry. The range between $14 and $14.7 is seen as a crucial support zone for a potential bullish continuation.

Despite the bounce from support, the LINK price fell by 6.68% over the past 24 hours. However, it remains up 5.44% over the past week, indicating short-term bullish momentum. At the time of reporting, LINK was trading at $14.45 with a 24-hour volume exceeding $525 million. Traders are cautious, awaiting price validation around mid-range zones. A break below $12.7 could shift sentiment, while holding above $14 could signal strength. The LINK price continues to reflect a balance between institutional news and retail technicals, tracking market dynamics and protocol developments.