Chainlink (LINK) price has climbed above the $6 resistance level amid prevailing bearish headwinds in the altcoin markets. Recent changes in critical on-chain metrics suggest that Chainlink network participants are now angling for a bullish price reversal.   

Swift network recently announced a successful tokenization test run in collaboration with Chainlink, CitiBank, and other global financial institutions. A few days later, LINK’s price broke above the $6 barrier on September 4 as the bullish whales pushed back against the prevailing bearish headwinds. 

LINK Whales Make $12 Million Inflows Following Swift Tokenization Tests

On August 31, global payment processing platform SWIFT released results from transactional tests involving the use of Chailink infrastructure to facilitate the transfer of tokenized value across multiple public and private blockchains. The test involved CitiBank and a handful of other global financial institutions. 

On-chain data reveals that Chainlink whales have reacted positively to this recent development. According to the Santiment chart below, crypto whales with balances of 100,000 to 1 million LINK only held 188 million tokens as of August 30. But since SWIFT released the positive tokenization test results, the whales have accumulated another 2 million LINK tokens.  

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Author: Ibrahim Ajibade

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