Chainlink (LINK) Slides 11% as Technical Breakdown Overshadows ETF Launch

Chainlink’s native token, LINK, fell below $12 on Monday as a broader crypto market pullback outweighed anticipation for its U.S. spot ETF debut.

Over the past 24 hours, LINK tumbled more than 11%, with CoinDesk Research’s technical analysis tool signaling a bearish breakdown. The decline came despite news that Grayscale plans to convert its closed-end LINK trust into an ETF structure. ETF analyst Nate Geraci indicated the product could start trading this week on NYSE Arca.

Traders appeared focused on technical factors rather than the regulatory milestone. A surge in volume to 7.14 million LINK—roughly 280% above the daily average—pushed the token below its $13.00 support level. Prices slid to $11.94, forming a bearish pattern of consecutive lower highs and confirming downward pressure.

The weakness also reflects broader risk sentiment in crypto, with bitcoin tumbling near $84,000 amid macroeconomic jitters and speculation about a Bank of Japan rate hike.

Technical Snapshot:

• Support/Resistance: Immediate support at $11.87, resistance at $12.26 (previous breakdown point).
• Volume Analysis: 7.14M LINK traded, a 280% spike above average, signaling institutional selling pressure.
• Chart Patterns: Break below descending trendline with an 11.7% drop across a $1.56 range.
• Targets and Risk: Further downside could target $11.70–$11.80, with November lows at $11.39 as the next key level.