LINK has risen, Plasma integrated Chainlink services.

Chainlink's LINK Token Sees a 6.7% Increase

Chainlink's native token LINK has increased by 6.7% this week. Despite a partial pullback on Friday, the price movement, supported by institutional and protocol adoption, is noteworthy.

Plasma's Integration with Chainlink

Plasma (XPL) announced on Friday that it has joined the Chainlink Scale program and is developing a blockchain network that supports stablecoin payments by utilizing Chainlink's oracle services. By integrating services such as Cross-Chain Interoperability Protocol (CCIP), Data Streams, and Data Feeds from Chainlink, Plasma is facilitating developers to work on stablecoin applications.

Johann Eid, the head of business development at Chainlink Labs, stated, "By adopting the Chainlink standard and participating in the Chainlink Scale program, Plasma has demonstrated that new layer-1 networks can go live with enterprise-level stablecoin infrastructure from day one."

Chainlink Pilot Project from Swiss Bank UBS

These developments came alongside news that the Swiss bank UBS has included Chainlink's CCIP protocol in its experimental studies in collaboration with SWIFT. This is seen as an indicator of increasing institutional interest.

LINK Technical Analysis and Market Movements

On the other hand, a facility called Chainlink Reserve has purchased an additional 46,441 LINK tokens with revenue obtained from the open market, bringing its total to 417,000 tokens. This amount is valued at approximately $9.5 million. Technical indicators suggest that a positive momentum is re-emerging for LINK, which is facing resistance at the $23 level.

According to CoinDesk Data's research model, the price of LINK fluctuated between $22.13 and $23.09 over the last 24 hours, marking a 4.27% variance. Additionally, a critical support has been established at the $22.13 level, with a high trading volume of 1,409,489 purchases.

In summary, the LINK token is gaining upward momentum, moving towards the $23.10 resistance zone.