Chainlink’s LINK token fell nearly 5% over the past 24 hours to $13.74 on Thursday, reversing early gains despite a major announcement from Coinbase.
Earlier in the day, Coinbase revealed that it had chosen 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 major institutional endorsement of Chainlink’s cross-chain infrastructure and positioning in the tokenization space.
In other news, Nasdaq-listed wealth management firm Caliber ( CWD ) said it has begun staking its LINK holdings for dividends, starting with a rollout of 75,000 tokens.
Despite the headlines, broader market conditions dampened sentiment. Weak altcoin momentum and renewed concerns about the Federal Reserve’s interest rate outlook contributed to LINK’s drop from Wednesday’s high of $14.46 to Thursday’s low of $13.43.
Still, bottom signals started to form late in the session. Trading volume rose 20.4% above the 7-day average, with a burst of over 340,000 LINK exchanged between 18:42 and 18:45 UTC, CoinDesk data showed.
Accumulation patterns emerged just above key support at $13.46, suggesting institutional positioning amid broader weakness, CoinDesk Research’s technical analysis tool noted.
Technical key levels Signal stabilization
Support/Resistance:
- Primary Support: $13.46 (low session)
- Resistance: $14.88 (last rejection zone)
- Psychological Resistance: $14.00
Volume analysis:
- Late-session rise of 340,000 tokens (2,000%+ above session average) confirmed renewed buying interest
- Total daily volume rose 20.4% above the weekly average
Chart Patterns:
- Consolidation between $13.43-$13.67 after early selling
- The last hour’s breakout to $13.76 suggests a possible near-term bottom
Objectives and risk/reward:
- Break above $14.00 could target $14.38 and $14.88
- Failure to hold $13.46 risks a move back towards $13.20
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.
