Chainlink’s LINK Drops 5% Despite Coinbase Bridge Deal, Signs of Stabilization Appear
Chainlink’s LINK token fell nearly 5% over the past 24 hours, settling at $13.74 on Thursday, as broader market weakness overshadowed a major Coinbase partnership.
Coinbase announced it selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a bridge for its $7 billion in wrapped assets, including cbETH, cbBTC, and cbDOGE. The move marks a significant institutional endorsement of Chainlink’s cross-chain infrastructure and tokenization capabilities.
In parallel, Nasdaq-listed digital asset firm Caliber (CWD) began staking 75,000 LINK tokens to generate yield, highlighting growing institutional interest.
Despite these positive developments, weak altcoin momentum and renewed concerns over the Federal Reserve’s rate outlook weighed on LINK, pushing it from Wednesday’s high of $14.46 to a Thursday low of $13.43.
Late-session trading hinted at stabilization. Volume surged 20.4% above the seven-day average, with over 340,000 LINK exchanged between 18:42 and 18:45 UTC, according to CoinDesk data. Accumulation formed just above support at $13.46, suggesting institutional positioning amid market weakness.
Technical Overview
- Support/Resistance:
- Support: $13.46
- Resistance: $14.88
- Psychological level: $14.00
- Volume Insights:
- Spike of 340K LINK (2,000% above session average) indicates renewed buying
- Daily volume 20.4% above weekly average
- Chart Patterns:
- Consolidation between $13.43–$13.67 after early selloff
- Breakout to $13.76 late in session suggests short-term bottoming
- Targets & Risk:
- Upside: $14.38–$14.88 if $14.00 is broken
- Downside: $13.20 if $13.46 fails
