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

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

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

Traders appeared more focused on technical signals than the regulatory milestone. A surge in volume to 7.14 million LINK—around 280% above the daily average—pushed the token below $13, driving prices down to $11.94 and forming a sequence of lower highs, confirming continued downside momentum.

The weakness also reflects broader crypto market sentiment, with bitcoin dipping toward $84,000 amid macroeconomic concerns and speculation over a potential Bank of Japan rate hike.

Technical Summary:

• Support/Resistance: Immediate support at $11.87; resistance at $12.26.
• Volume Analysis: 7.14M LINK traded, 280% above average, indicating strong selling pressure.
• Chart Patterns: Break below descending trendline with an 11.7% decline across a $1.56 range.
• Targets: Potential downside toward $11.70–$11.80, with November lows at $11.39 as the next level to watch.