Native token of Oracle Network Chainlink fell in tandem with the wider crypto market despite a new partnership with the Japanese economic giant SBI group.
Link dropped to $ 24.4, which is more than 6% down over the last 24 hours, Coindesk data shows. It’s a sharp turn from Friday’s year to date over $ 27.
The downward course accelerated through successive trade sessions with sustained lower peaks, while the final hour showed stagnation with insignificant volume, suggesting potential consolidation, according to Coindesk Research’s technical analysis model.
On the news site, SBI Group, one of Japan’s biggest economic conglomerates, said on Monday that it has joined forces with Chainlink to develop tokenized assets and stablecoin solutions in Japan, with future plans to expand to other markets in Asia and the Pacific.
SBI uses chainlinks interoperability protocol across the chain (CCIP) to support transactions across different blockchains while maintaining compliance. Companies will also test tokenized funds by bringing net values on-chain and exploring the settlement of payment against payment for currency and cross-border transactions. Chainlink’s proof of reserve will be used to verify stableecoin reserves.
SBI and Chainlink have previously collaborated under Singapore’s Project Guardian, a monetary authority in Singapore (MAS) Initiative study of blockchain use in financing.
Technical indicator analysis
- Resistance established at $ 26.61 with sharp reversing after elevated volume activity.
- Critical support arose at $ 24.37 with buying interest.
- Extraordinary volume of 7,850,571 units under tip volatility, which essentially exceeds 24-hour average of 2,687,393.
- Systematic lower tip formations indicating Bearish Momentum acceleration.
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