Chainlink Oracle Network Native Token surpassed key technical support levels on Tuesday, falling 6% to below $14.50, CoinDesk data shows.
The decline accelerated with massive volume rising 57.81% above the seven-day average, indicating aggressive distribution rather than short-market selling, CoinDesk Research’s technical analysis model noted.
Weak price action eased despite major announcements from institutional partnerships that would normally fuel rallies.
Swiss banking giant UBS completed the world’s first end-to-end tokenized funds transaction using Chainlink’s Digital Transfer Agent standard. Meanwhile, FTSE Russell announced plans on Monday to bring the Russell 1000, 2000 and 3000 indices to the blockchain rails by leveraging Chainlink’s DataLink services.
Technical Weakness vs. Bank Adoption: What Merchants Should Keep in Mind
With major associations failing to avoid breaking support, LINK demonstrates how short-term technicals often override fundamental developments.
The decisive break below the $15.26 support level occurred during morning trading with exceptionally high volume of 4.69 million tokens, establishing a clear descending channel that accelerated to the close.
The last hour of trading proved particularly destructive as LINK fell from $15.22 to $14.70 with massive volume exceeding 3.5 million tokens. The collapse confirmed the broader bearish structure and at the same time created oversold conditions for any recovery attempts.
Key technical levels indicate further downside for LINK
- Support Zones: Critical test in the demand zone of $14.50-14.60 after the collapse.
- Volume Analysis: The 57.81% increase above the seven-day average validates the breakout move.
- Chart Patterns: Descending Channel Formation Confirms Bearish Momentum Reversal
- Targets and Risks: Further weakness towards $14.00 is likely before stabilization occurs.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
