Chainlink’s LINK token fell nearly 5% in the past 24 hours to $13.74 on Thursday, reversing early gains despite a major Coinbase announcement.
Earlier in the day, Coinbase revealed that it had selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a new bridge connecting its $7 billion in wrapped assets, including cbETH, cbBTC, and cbDOGE. The move marked a significant institutional endorsement of Chainlink’s cross-chain infrastructure and its positioning within the tokenization space.
In other news, Nasdaq-listed digital asset treasury company Caliber (CWD) said it has begun staking its LINK holdings for yield, starting with a deployment of 75,000 tokens.
Despite the headlines, overall market conditions weighed on sentiment. Weak altcoin momentum and renewed concerns around the outlook for Federal Reserve rates contributed to LINK’s decline from Wednesday’s high of $14.46 to a Thursday low of $13.43.
Still, signs of bottoming began to form at the end of the session. Trading volume increased 20.4% above the 7-day average, with an explosion of over 340,000 LINK exchanged between 18:42 and 18:45 UTC, CoinDesk data showed.
Accumulation patterns emerged just above the key support at $13.46, suggesting institutional positioning amid broader weakness, CoinDesk Research’s technical analysis tool noted.
Key Technical Levels Signal Stabilization
Support/Resistance:
- Primary support: $13.46 (session low)
- Resistance: $14.88 (recent rejection zone)
- Psychological resistance: $14.00
Volume analysis:
- The surge of 340,000 tokens at the end of the session (more than 2000% above the session average) confirmed renewed buying interest
- Overall daily volume increased 20.4% above the weekly average
Chart Patterns:
- Consolidation between $13.43 and $13.67 after early liquidation
- Last hour break to $13.76 suggests possible near-term bottom
Objectives and risk/reward:
- A break above $14.00 could target $14.38 and $14.88
- If $13.46 is not maintained, there is a risk of falling back towards $13.20
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
