- Chainlink co-founder Sergey Nazarov’s meeting at the SEC emphasizes blockchain compliance and institutional adoption
- Investors seek a breakout above the 2021 ATH at $52, a major level capable of initiating an explosive rally upwards.
- Elliott Wave Theory dictates the completion of a long corrective phase, and Wave (3) suggests the long-term route through $200–$300.
Chainlink (LINK) is gaining attention in the altcoin sphere with the investors’ growing interest and surge in price with the overall market. As the market has turned bullish, LINK is attempting to make its new all-time high.
At the time of writing, LINK is trading at $22.37 with a 24-hour trading volume of $535.34 million and a market capitalization of $15.17 billion. The LINK price over the last 24 hours is up by 0.82%, and over the last week, it is also up by 5.59%.
Source: CoinMarketCap
Also Read: Chainlink Partners With PublicAI as LINK Price Targets $47 Breakout Move
Chainlink’s SEC Meeting Fuels Institutional Adoption
A prominent crypto analyst, Coin Bureau, highlighted that Chainlink co-founder Sergey Nazarov has confirmed a successful meeting at the U.S. Securities and Exchange Commission (SEC) to discuss the potential for decentralized oracles to supply on-chain compliance.
The meeting identified ways in which regulators would be able to directly verify blockchain transactions and request a balance between oversight and decentralization and privacy, a notable sign of collaboration between the SEC and key blockchain initiatives.
The oracle platform of Chainlink can permit the following end-use financial system tools: automated reporting, wallet limiting, and clear auditing. The collaborative discussion is a good sign for institutional adoption by doing away with doubts and framing blockchain as the base on which future compliance protocols will be developed.
Chainlink (LINK) Positions for Wave 3 Move Toward $300
Moreover, the crypto analyst, XForceGlobal, revealed that Chainlink’s native token, LINK, is again gaining the markets’ attention as the token nears the potential breakout. The token had consolidated near a very significant price area, where resistance has turned into support.
This kind of move is generally considered a bullish sign and suggests the prices are getting ready for one more move higher to the all-time high reached by LINK in the past.
This technical analysis reveals the market staying in the bulls’ camp. While short-time corrections are likely, the structural support appears solid and bolsters the perspective that the long-term path may be continued by the LINK.
Investors monitoring these patterns argue that the setup suggests a higher probability of continuation rather than breakdown.
Source: X
Elliott Wave Theory suggests the long corrective movement since the 2021 all-time high (~$52) has finished, the abrupt 88.6% retracement having completed Wave (2) and initiated Wave (3); validation comes from reclaiming ATH as support ($52), invalidation lies below ~$5.80, and if the bull structure holds good, the LINK token may consolidate before reaching for $200–$300+ long term.
Also Read: Chainlink Institutional Use Case Rises, Price Targets $26
