LINK Retreats 11% as Technical Pressures Overshadow ETF Announcement

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

Chainlink’s native token, LINK, dropped below $12 on Monday as broader crypto market weakness outweighed excitement over its U.S. spot ETF debut.

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

Traders appeared focused on technical factors rather than the ETF milestone. A surge in volume to 7.14 million LINK—roughly 280% above the daily average—pushed the token below $13, sending prices down to $11.94 and forming a series of lower highs, confirming continued downward momentum.

The sell-off also mirrors broader crypto risk sentiment, with bitcoin dipping toward $84,000 amid macroeconomic concerns and speculation over a potential Bank of Japan rate hike.

Technical Overview:

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