Chainlink’s native token, LINK, slipped alongside the broader crypto market on Monday despite the announcement of a major partnership with Japan’s financial giant SBI Group.

The token fell more than 6% in 24 hours to trade around $24.40, reversing sharply from Friday’s year-to-date high above $27, according to CoinDesk data. The decline followed successive sessions of lower peaks, with technical models suggesting potential consolidation after a stagnant final trading hour marked by low volumes.

On the fundamentals side, SBI Group said it has partnered with Chainlink to advance tokenized assets and stablecoin infrastructure in Japan, with expansion planned into other Asia-Pacific markets.

The collaboration will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enable compliant cross-blockchain transactions. The firms will pilot tokenized funds by bringing net asset value (NAV) data on-chain, and explore payment-versus-payment (PvP) settlement for cross-border FX trades. Chainlink’s Proof of Reserve will also be used to verify stablecoin collateral.

This builds on previous cooperation under Singapore’s Project Guardian, a Monetary Authority of Singapore (MAS) initiative exploring blockchain’s role in finance.

Technical Analysis Highlights

• Resistance: $26.61 with reversal on heavy volume.
• Support: $24.37 zone with buying interest.
• Volume: 7.85M units at peak volatility, far above the 24-hour average of 2.68M.
• Pattern: Successive lower peaks signaling continued bearish pressure.

Despite the selloff, analysts note that the SBI partnership underscores Chainlink’s growing role in institutional adoption of tokenization and interoperability, positioning LINK for potential upside once broader market sentiment stabilizes.