What is the reason behind the surge in Chainlink (LINK) price observed today?

Chainlink (LINK) has experienced a significant surge in price, driven by the anticipation of a potential partnership announcement with SWIFT at the Consensys 2024 conference in Austin, Texas. Investors and analysts are closely watching for updates on this collaboration, as it could have a substantial impact on LINK’s market performance. The excitement is centered around a session titled “How SWIFT and Chainlink Are Working Together to Unlock Tokenized Assets At Scale,” featuring representatives from both companies. The goal of this collaboration is to bridge traditional financial infrastructure with the evolving multi-chain economy, creating a global system of on-chain finance for tokenized assets. This partnership could streamline and enhance the security of cross-chain transactions, and previous experiments have already demonstrated SWIFT’s capability as a unified access point for various blockchain networks. Analysts predict that if Chainlink can leverage the advancements in its partnership with SWIFT, it has significant upside potential. Furthermore, the formation of a bullish technical pattern called the ‘Bull Flag Pattern’ suggests that LINK prices could rally over 269% to reach a theoretical price target near $69.