Chainlink Partners with Saudi Awwal Bank to Expand On-Chain Finance
Chainlink (LINK) has partnered with Saudi Awwal Bank (SAB), one of Saudi Arabia’s largest banks. The goal is to develop on-chain finance applications in the country. SAB will use Chainlink’s Cross-Chain Integration Protocol (CCIP) and Chainlink Runtime Environment (CRE) to build these applications.
The CRE offers a modular platform for creating apps and accessing multiple APIs. The CCIP enables cross-chain token transfers. Chainlink reports that CCIP is active on 60 blockchains, with a total transfer volume of $4.34 billion. The total value of cross-chain tokens exceeds $38.77 billion. According to DeFiLlama, Chainlink is the largest decentralized oracle network, securing over $62 billion in total value.
SAB also signed an agreement with Wamid, a subsidiary of Saudi Tadawul Group. This deal focuses on experimenting with tokenizing capital markets, valued at $2.32 trillion as of the latest Saudi Exchange report. These partnerships support Saudi Arabia’s Vision 2030, led by Crown Prince Mohammed bin Salman, aiming to reduce reliance on oil revenues.
LINK Token Price Remains Steady Despite Partnership News
After the partnership announcement, Chainlink’s LINK token price showed little change. LINK traded above $23.00 on Wednesday, holding just above a key support level at $22.98. This level corresponds to the 61.8% Fibonacci retracement from the December high to the April low.
The price formed a Doji candle on Tuesday, hinting at a possible V-shaped recovery. If the price rises, it could target the 78.6% Fibonacci retracement at $26.48. However, technical indicators show weak momentum. The Relative Strength Index (RSI) is near 51, and the Moving Average Convergence Divergence (MACD) remains below its signal line, signaling a loss of bullish strength.
If LINK falls below $22.98, the next support level is the 50% Fibonacci retracement at $20.52.
