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Native token of the Chainlink oracle network met key technical support levels on Tuesday, falling 6% to below $14.50, CoinDesk data shows.
The decline accelerated on massive volume that surged 57.81% above the seven-day average, signaling aggressive distribution rather than thin market selling, CoinDesk Research’s technical analysis model noted.
Weak price action has declined despite announcements from major institutional partners that typically fuel rallies.
Swiss banking giant UBS carry out the world’s first end-to-end tokenized funds transaction using Chainlink’s Digital Transfer Agent standard. Meanwhile, FTSE Russell plans announced Monday to bring the Russell 1000, 2000 and 3000 indices on the blockchain rails by tapping Chainlink’s DataLink services.
Technical Weakness vs. Bank Adoption: What Traders Should Look For
With major partners failing to prevent breaking support, LINK demonstrates how short-term technicalities often cancel out fundamental developments.
The decisive break below the $15.26 support level occurred during morning trading on an exceptional volume of 4.69 million tokens, establishing a clear downward channel that will accelerate in the end.
The final trading hour was particularly destructive as LINK fell from $15.22 to $14.70 on a massive volume exceeding 3.5 million tokens. The breakout confirmed the broader bearish structure while potentially creating oversold conditions for any recovery attempts.
Key technical levels signal further downside for LINK
- Support zones: Critical test at $14.50-$14.60 demand zone after the break.
- Volume analysis: 57.81% surge above the seven-day moving average validates the breakout move.
- Chart Patterns: The formation of the descending channel confirms a change in bearish momentum
- Targets & Risk: Further weakness towards $14.00 likely before stabilization.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
