Chainlink’s LINK Slides 5% Despite Coinbase Bridge Deal, Early Bottoming Signs Emerge

Chainlink’s LINK token fell nearly 5% over the past 24 hours, hitting $13.74 on Thursday, as broader crypto weakness offset optimism from a major Coinbase partnership.

Earlier in the day, Coinbase announced it had selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a new bridge for its $7 billion in wrapped assets, including cbETH, cbBTC, and cbDOGE. The move represents a significant institutional endorsement of Chainlink’s cross-chain infrastructure and its role in the tokenization space.

In related news, Nasdaq-listed digital asset treasury firm Caliber (CWD) revealed it had begun staking 75,000 LINK tokens to generate yield, signaling growing institutional interest in the token.

Despite these developments, weak altcoin momentum and renewed concerns over the Federal Reserve’s rate outlook weighed on LINK’s price, which dropped from Wednesday’s high of $14.46 to a Thursday low of $13.43.

However, signs of stabilization emerged late in the session. Trading volume surged 20.4% above the seven-day average, with a concentrated burst of over 340,000 LINK exchanged between 18:42 and 18:45 UTC, according to CoinDesk data. Accumulation patterns formed just above key support at $13.46, suggesting institutional positioning amid broader market weakness, CoinDesk Research’s technical analysis tool noted.

Key Technical Levels Signal Stabilization

• Support/Resistance:
  • Primary support: $13.46 (session low)
  • Resistance: $14.88 (recent rejection zone)
  • Psychological resistance: $14.00
• Volume Analysis:
  • Late-session spike of 340K tokens (over 2,000% above session average) confirmed renewed buying interest
  • Overall daily volume rose 20.4% above the weekly average
• Chart Patterns:
  • Consolidation between $13.43–$13.67 after early selloff
  • Final-hour breakout to $13.76 indicates possible short-term bottoming
• Targets & Risk/Reward:
  • A break above $14.00 could target $14.38 and $14.88
  • Failure to hold $13.46 risks a retrace toward $13.20