Can Chainlink Price Reach $30 in May as SEC Chair Paul Atkins Backs Tokenization?
Chainlink (LINK) is at a pivotal point amid a boom in demand for securities tokenization, which will only increase after the SEC Chair Paul Atkins released a statement saying this industry could help achieve President Trump’s dream for the US to become the “crypto capital.” Atkin’s statement has bolstered a bullish sentiment around Chainlink price, as traders speculate on whether it could finally reach $30.
At press time, LINK price trades at $16.58 after recording a 4% drop in 24 hours, as the crypto market dropped today, May 13, due to a drastic surge in long liquidations.
Chainlink Price Targets $30 as Bullish Pattern Emerges
Chainlink price may be on the verge of a massive upward move after an inverse head and shoulders pattern appeared on the one-day chart, which is an indication that an uptrend is looming that may push LINK to as high as $30 in the near term.
This pattern has an upward sloping resistance, and after breaking above this level, Chainlink is now testing it as support, and if it holds, it may spark a 45% price increase to $23. If bulls maintain control at this price, the token could surge past $30 in May and reach 2025 highs.
The ADX line is tipping north, and this is an indication that the upward trend depicted by this bullish pattern will likely continue, which also makes a bullish case for the Chainlink price.
The above technical outlook highlighting a bullish Chainlink price forecast will be invalid if LINK price fails to defend the critical support level at $16 and instead dips to $10.
SEC’s Paul Atkins Backs Tokenization – Bullish for LINK?
The current chair of the SEC, Paul Atkins, has backed the concept of asset and securities tokenization in his recent remarks during the recent roundtable event. This move could bode well for Chainlink price, which is currently the largest Real World Asset (RWA) token by market cap.
As Coingape reported, Atkins vows to make the US a crypto capital of the world, and one of the ways to achieve this is via tokenization. He said,
“For the United States to be the ‘crypto capital of the planet, ‘ envisioned by President Trump, the Commission must keep pace with innovation and consider whether regulatory changes are needed to accommodate on-chain securities and other crypto assets.”
Atkins’ recent statement comes on the back of significant growth among RWA tokens, which have surpassed $61 billion in market cap. In the last month alone, the RWA market cap has increased from $47 billion to $61 billion.
Therefore, considering the buzz around asset tokenization and the recent growth in the RWA token market cap, Chainlink price may reach $30 in the near term. This rally may be fuelled by the strong technical outlook depicted on the daily chart as well as the recent statement shared by SEC Chair Paul Atkins.
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