Chainlink’s LINK token fell sharply on Monday, sliding over 6% to $24.40, even as the project announced a new partnership with Japanese financial powerhouse SBI Group. The drop follows Friday’s year-to-date high above $27 and comes amid broader weakness across the digital asset market.
SBI said it will collaborate with Chainlink to develop tokenized asset frameworks and stablecoin infrastructure in Japan, with an eye to expanding across the Asia-Pacific. The initiative will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to support compliant transfers between blockchains. Plans also include testing on-chain NAV reporting for tokenized funds, and piloting payment-versus-payment settlement for FX and cross-border trades. Stablecoin reserves will be verified using Chainlink’s Proof of Reserve.
The two companies have previously worked together through Singapore’s Project Guardian, a Monetary Authority of Singapore initiative exploring blockchain in financial markets.
Technical Picture
- Resistance was tested near $26.61 before sharp rejection on heavy volume.
- Support has formed at $24.37, where buyers stepped in.
- Trading volumes spiked to nearly 7.9 million LINK, well above the 24-hour average of 2.7 million.
- A consistent pattern of lower highs indicates continued bearish momentum.
Despite near-term pressure, analysts suggest that Chainlink’s SBI partnership underscores its positioning at the center of institutional tokenization and cross-chain finance, which may strengthen long-term fundamentals even as short-term sentiment sours.
