Chainlink’s LINK Drops 5% Despite Coinbase Bridge Deal, Early Support Emerging
Chainlink’s LINK token fell nearly 5% over the past 24 hours to $13.74 on Thursday, as weak crypto market conditions offset optimism from a major Coinbase partnership.
Coinbase revealed it would use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a bridge for $7 billion in wrapped assets, including cbETH, cbBTC, and cbDOGE. The move underscores institutional confidence in Chainlink’s cross-chain infrastructure.
In addition, Nasdaq-listed digital asset firm Caliber (CWD) started staking 75,000 LINK tokens for yield, signaling growing institutional engagement.
Despite these developments, broader market pressures—including soft altcoin momentum and renewed concerns over Federal Reserve rates—pushed LINK from Wednesday’s high of $14.46 to a low of $13.43 on Thursday.
Late-session trading suggested stabilization. Volume spiked 20.4% above the seven-day average, with more than 340,000 LINK exchanged in a short window, forming accumulation just above key support at $13.46.
Technical Snapshot
- Support: $13.46 | Resistance: $14.88 | Psychological: $14.00
- Volume: Spike of 340K LINK (2,000% above session average) | Daily volume +20.4%
- Chart: Consolidation $13.43–$13.67; breakout to $13.76 indicates short-term bottoming
- Targets/Risk: Break above $14.00 aims for $14.38–$14.88; failure of $13.46 risks $13.20
