Chainlink price: LINK eyes new leg up amid ICE collaboration

• Chainlink price traded around $21.47 on Aug. 11, 2% down from highs of $22.55 in 24 hours. 
• Ethereum led top altcoins like Bitcoin Cash and BNB higher as it crossed above $4,300.
• Chainlink’s partnership with  Intercontinental Exchange could be a key catalyst.

Chainlink (LINK) price has retreated 2% in the past 24 hours to trade around $21.47, slightly off its multi-week highs of $22.55.

This bucks the uptick for Bitcoin and top altcoins such as Ethereum, Bitcoin Cash and BNB. LayerZero also rose.

However, as the market digests the potential impact of its latest partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), could Chainlink price embark on a new leg up to target the all-time high above $52?

Chainlink joins forces with NYSE parent ICE

The Chainlink ecosystem witnessed a major unveiling recently when the oracle networks platform launch Chainlink Data Streams for US stocks and ETFs. Traction for the solution has netted a major partnership as Chainlink collaborates with ICE.

According to a press release, the integration brings high-quality forex and precious metals rates from ICE’s consolidated feed to Chainlink’s Data Streams.

In short, ICE’s Consolidated Feed, which aggregates data from more than 300 global exchanges and marketplaces, has added FX and precious metals rates to the Chainlink Data Streams.

The move allows for the use of the solution to power over 2,000 applications, banks, asset managers, and infrastructure providers across the Chainlink ecosystem.

Benefits include growth in network activity – particularly in tokenized assets and products.

Leveraging ICE’s institutional-grade infrastructure means Chainlink adds to its traction in bridging traditional markets and the DeFi ecosystem.

“Using ICE’s Consolidated Feed data as an input into Chainlink’s derived FX and precious metals rates onchain via Chainlink’s institutional-grade infrastructure is a watershed moment in the evolution of global markets,” said Fernando Vazquez, president, capital markets at Chainlink Labs. “This collaboration signals a pivotal shift towards a unified, globally accessible onchain financial system, with hundreds of trillions in assets on a clear path to tokenization.”

LINK price outlook: Is Chainlink poised to mirror ETH?

Ethereum (ETH), which continues to experience significant price gains amid key institutional demand and treasury interest, trades near $4,300.

The ETH price gain has helped other altcoins higher, hitting highs of $4,363 as Bitcoin Cash, Uniswap, Monero, and BNB rose.

LINK showed similar movement as it rose sharply from lows of $15.60 this past week.

Bulls are signalling resilience with the price above $21, with technical outlook suggesting they could see a new leg up.

The ICE partnership among other integrations, point to real traction and a break to $30 could see Chainlink price target $50 and the altcoin’s all-time high above $52.

If LINK mirrors ETH’s trajectory, it might see a steady climb supported by growing tokenized real-world asset (RWA) markets. On the downside, LINK’s main support areas would be around $20 and $16.