LINK Slides 11% as Technical Weakness Dampens Impact of ETF Debut

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

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

LINK slid more than 11% over the past 24 hours, 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 begin trading this week on NYSE Arca.

Traders appeared focused on technical pressures rather than the regulatory milestone. Volume surged to 7.14 million LINK—roughly 280% above the daily average—pushing the token below $13 and down to $11.94. The move established a series of lower highs, confirming continued downside momentum.

The sell-off mirrors broader risk sentiment, with bitcoin dipping toward $84,000 amid macro concerns and speculation over a 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% increase above the daily average, reflecting strong selling pressure.
Chart Patterns: Break below descending trendline with an 11.7% decline across a $1.56 range.
Targets: Next downside levels around $11.70–$11.80, with November lows at $11.39 as a key level to watch.