Chainlink’s LINK Slips 5% Despite Coinbase Bridge Agreement, Indications of a Potential Bottom Appear

Chainlink’s LINK Falls 5% Despite Coinbase Bridge Deal, Early Support Emerges

Chainlink’s LINK token dropped nearly 5% in the past 24 hours, closing Thursday at $13.74, as broader crypto weakness offset optimism from a major Coinbase announcement.

Coinbase revealed it had chosen 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 partnership highlights growing institutional confidence in Chainlink’s cross-chain capabilities and its role in the tokenization space.

Meanwhile, Nasdaq-listed digital asset treasury firm Caliber (CWD) began staking 75,000 LINK tokens to earn yield, reflecting rising institutional engagement with the token.

Despite the positive headlines, market sentiment remained muted. Weak altcoin momentum and concerns over the Federal Reserve’s interest rate outlook pushed LINK from Wednesday’s high of $14.46 to a Thursday low of $13.43.

Late-session activity suggested potential stabilization. Trading volume jumped 20.4% above the seven-day average, with a surge of over 340,000 LINK exchanged between 18:42 and 18:45 UTC, according to CoinDesk data. Accumulation formed just above key support at $13.46, indicating possible institutional positioning amid broader market weakness.

Technical Snapshot

Support/Resistance:
- Key support: $13.46
- Resistance: $14.88
- Psychological resistance: $14.00
Volume Trends:
- Late-session spike of 340K LINK (2,000% above session average) confirms renewed buying interest
- Daily volume 20.4% above weekly average
Chart Patterns:
- Consolidation between $13.43–$13.67 after early selloff
- Final-hour breakout to $13.76 signals potential short-term bottoming
Targets & Risk:
- Upside: $14.38–$14.88 if $14.00 is breached
- Downside: $13.20 if $13.46 support fails