Chainlink's native token LINK experienced a slight pullback on Friday but established a higher low, posting a 6.7% gain for the week. This price action is supported by a series of positive developments, including the integration of Chainlink's services by Plasma, a high-performance layer-1 blockchain focused on stablecoins.
Plasma has joined the Chainlink Scale program, adopting Chainlink's oracle services such as the Cross-chain Interoperability Protocol (CCIP), Data Streams, and Data Feeds. This integration aims to support developers in building stablecoin use cases on Plasma from day one. Johann Eid, chief business officer at Chainlink Labs, stated, "By adopting the Chainlink standard and joining the Chainlink Scale program, Plasma is demonstrating how new layer-1 networks can launch with enterprise-grade stablecoin infrastructure from day one."
The news follows a recent pilot by Swiss bank UBS, which integrated Chainlink's CCIP with SWIFT's messaging system for tokenized fund operations. Additionally, the Chainlink Reserve purchased 46,441 LINK on Thursday, bringing total holdings to over 417,000 tokens valued at $9.5 million.
Technical indicators suggest bullish momentum is returning for LINK, with a clear higher low pattern and resistance at the $23 level. Support is established at $22.13 with elevated trading volume of 1,409,489 units, above the daily average. Plasma, which has over $5.5 billion in stablecoin supply and integrates with Aave—a leading DeFi protocol with over $6.2 billion in deposits—is rapidly expanding post-mainnet launch.
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