The native token of the oracle network Chainlink has declined in tandem with the broader crypto market despite a fresh partnership with a major financial group.
LINK declined to $24.4, down more than 6% over the past 24 hours. This marks a sharp reversal from Friday’s year-to-date peak of over $27.
The downward trajectory accelerated through successive trading sessions with persistent lower peaks, while the concluding hour exhibited stagnation with negligible volume, suggesting potential consolidation, according to the technical analysis model.
The financial group announced plans to develop tokenized assets and stablecoin solutions, with future expansion into other Asia-Pacific markets.
They will use Chainlink’s technology to support transactions across different blockchains while ensuring compliance. The firms will also test tokenized funds, exploring foreign exchange and cross-border settlement options. Chainlink’s verification process will be utilized for stablecoin reserves.
The two companies have previously collaborated on a project exploring blockchain use in finance.
Technical Indicators Analysis
- Resistance established at $26.61 with sharp reversal upon elevated volume activity.
- Critical support emerged at $24.37 with purchasing interest.
- Extraordinary volume of 7,850,571 units during peak volatility, substantially exceeding the 24-hour average.
- Systematic lower peak formations indicating bearish momentum acceleration.
Disclaimer: Parts of this article were generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
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