LINK leaps 23.69% after Swiss bank adds Chainlink to investment service portfolio

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SEBA Bank announced an institutional investment offering for AAVE and LINK
Other DeFi ERC-20 crypto assets are also amongst SEBA’s institutional offerings
LINKUSD pair pumps 23.69% in response

JAIPUR (Coinchapter.com) – LINK rushed upwards by nearly 24% after Switzerland-based SEBA Bank allowed institutions to access investment opportunities in the blockchain oracle currency.

The LINKUSD pair took off from $23.18 to achieve a local high of $30.5 on Monday. Unfortunately, the pair retreated to sub-$30 levels post the rally. But bullish pressure remains high on account of the SEBA news.

LINK And AAVE For Institutional Investors

LINK and AAVE officially became SEBA’s debut Defi offerings. The FINMA licensed Swiss bank will let institutional clients tap into its investment, custody, and trading solutions to manage their holdings in the said assets.

SEBA Bank has also planned to add more DeFi tokens to its roster of ERC-20 investment offerings. Along with Chainlink and Aave’s native assets, institutions will have the option to dabble in Uniswap’s UNI, USD Coin (USDC), Yearn Finance’s YFI token, and Synthetix’s SNX.

“Investor interest in digital assets is growing rapidly, and many want to go beyond Bitcoin. SEBA Bank offers investors bespoke access to the return drivers and diversification benefits of this new asset class. We are pleased to provide our expertise in digital assets to build exposure in this new asset class.”
said Alistair Heggie, COO of SEBA Bank

LINKUSD Technical Setup

LINKUSD’s daily chart showed bullish signs. One of them is an impending golden cross formation. The pair’s 50-day exponential moving average (50 EMA; the red wave) looks to cross above its 200-day exponential moving average (200 EMA; the black wave). Traders assessed the said setup to place long bets en-masse.

Chainlink’s LINK looks bullish. Source: LINKUSD on TradingView.com

However, LINK’s relative strength index (RSI) reading is well past the usual 30-70 range. Market participants consider this as supremely bearish due to overbought sentiment. Persistent bullish pressure on the back of the upcoming golden cross setup could lead the LINKUSD pair beyond $34, a crucial resistance since May 26.

If bulls reclaim $34, $41.67 will become the next resistance target. Although the signs of a bearish reversal are miniscule, a retracement to $24.2 or even $22 cannot be ruled if bears take over.