Chainlink’s LINK token fell 4% on Wednesday after bumping into strong technical resistance amid broader crypto market weakness.
The withdrawal came as Bitwise’s proposed Chainlink ETF was spotted on the DTCC registry under the ticker CLNK, signaling operational readiness for a potential launch.
The development initially sent LINK higher, testing resistance near $16.25, CoinDesk Research’s technical analysis model said. But the move sparked aggressive selling, with 3.36 million tokens traded during the 16:00 UTC hour, 138% above the 24-hour average, sending LINK down to a session low of $15.10, according to CoinDesk data.
While the DTCC listing represents a step forward for the ETF process, it does not guarantee SEC approval. Market participants largely treated the listing as a procedural milestone rather than a bullish catalyst, keeping their focus on chart levels. The $16.15-$16.25 zone proved too strong to break, reinforcing it as a key overhead supply region.
Key technical levels signal range-bound action
- Support/Resistance: Primary support locked at $15.10 from institutional selling wave, with immediate resistance at $15.40-$15.50 based on recovery channel dynamics
- Volume analysis: 24-hour activity runs 9.39% above the weekly average, with 3.36 million. stock gains during $16.25 crash, confirming large overhead supply at resistance
- Chart Patterns: Rising channel formation from overnight lows encounters ceiling of resistance, with current action suggesting continued range trading between $15.10-$16.25 limits
- Objectives and risk/reward: Upside targets lie at $15.50 and $16.00 levels, with a downside risk towards $15.00 psychological support if recovery momentum stalls.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
