Chainlink, a decentralised solution for blockchain data feeds, has experienced a correction in October after outperforming most other cryptocurrencies the previous month. This has raised concerns about the sustainability of its bullish trend.

In September, Chainlink's price saw a significant surge of 35.5%. However, it has since undergone a 10% correction in October, causing investors to worry that breaking the support level of $7.20 could lead to further downward pressure.

Although Chainlink's price is still 86% below its all-time high in May 2021, the recent surge was prompted by a report from SWIFT, the global leader in transaction messaging. The report suggested that connecting existing systems to blockchains is more feasible than merging different central bank digital currencies.

Additionally, Chainlink's surge has been attributed in part to the successful testing of their Australian dollar stablecoin by the Australia and New Zealand Banking Group (ANZ), which utilized Chainlink's Cross-Chain Interoperability Protocol (CCIP) solution.

However, the positive news was overshadowed by criticism directed at Chainlink for reducing the number of approvals required on its multi-signature wallet. This move was seen as a compromise on security measures.