- Chainlink extends a 15.61% weekly decline, reflecting weak momentum.
- LINK trades near $14.56, showing reduced buying pressure.
- SBI Digital Markets selects Chainlink as infrastructure provider.
Chainlink (LINK) continues to face downward pressure as its price declines steadily. Over the past 24 hours, LINK has dropped by 2.88%, extending its weekly losses to 15.61%, signaling weakening momentum and fading investor confidence across the broader crypto market.
Currently, LINK is trading at $14.56 with a 24-hour trading volume of $802.59 million, up by 3.66%. Despite the increased activity, its market capitalization has fallen by 2.71% to $10.13 billion.
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SBI Digital Markets Backs Chainlink Infrastructure
Japan’s SBI Digital Markets, managing around $78.6 billion in assets, has selected Chainlink as its exclusive infrastructure provider. The announcement generated renewed interest in LINK, slightly increasing its trading activity despite the broader downtrend. This move indicates growing institutional trust in Chainlink’s oracle technology and its role in real-world blockchain integration.
The partnership aims to boost SBI’s financial operations through Chainlink’s secure and decentralized data network. By using Chainlink’s oracles, SBI plans to enhance transparency, efficiency, and data connectivity within its asset management ecosystem. This collaboration also helped lift short-term optimism, as investors viewed it as a positive signal for long-term blockchain adoption in Japan.
LINK Technical Outlook Hint Short-Term Volatility
After failing to sustain the $15.00 support, the price of LINK is still below the 20-period SMA of $19.99, indicating dominance on the part of the sellers in the current trend. The token is still observed to be traded inside the descending channel, with the price actions close to the Lower Bollinger Band of $13.78.
The expanded Bollinger Bands indicate ongoing volatility, but the presence of LINK’s candles close to the lower band indicates overselling in the short term. Based on the price being stable in the range of $13.80 to $14.00, there could be a slight recovery towards the middle Bollinger Band price of $19.99, marking fresh buying from the traders’ end.
Momentum indicators maintain a bearish stance, with the MACD line below the signal line, the histogram still in the negative region, and the gap opening between the lines widening, indicating dominance by the selling pressure.
However, if there is a narrowing of the gap or the potential for a bullish crossover, that could be an early indication of the reversal, particularly if there is buying volume activity close to the lower support levels. Breaking the barrier above $16.00 could trigger the way to reach $20.00, but the resistance level of $26.20 is significant.
Also Read: Chainlink (LINK) Nears $18 Resistance Fueling Breakout Buzz
