Recent developments surrounding Chainlink (LINK) are gaining significant attention following a recent announcement from a stablecoin project that plans to utilize Chainlink’s Proof of Reserve technology for its new token.
The development highlights continued adoption of Chainlink’s infrastructure across the blockchain ecosystem. At the same time, Chainlink price is attempting to remain above a key support area as it works to stabilize after experiencing substantial declines over the past few months. At press time, Chainlink is trading at $8.17, with a 1.48% decrease over the past 24 hours.
Also Read: Chainlink Price Analysis: Accumulation Zone Signals Potential Breakout Toward $20+
Chainlink Price Holds $8.17 as Support Remains Intact
According to the TradingView chart, we can see that Chainlink price continues to trade in a longer-term downtrend as it has yet to cross above either the 50-day at $9.11 or the 200-day at $10.26 moving average, and although recently it has shown signs of stabilizing, the long-term trend continues to be downward.
With LINK currently trading at $8.17, it appears to have successfully held its current level of value above the area of support that was previously marked near the $7.94 level for all of the last few trading days. After dipping back under this support area, buyers once again stepped back in and pushed the token back towards $8.17.
Furthermore, the Relative Strength Index (RSI) shows LINK being at 44.49 (14-day), while the RSI’s 14-day signal line is 34.52. This indicates that there has been a significant improvement in the token’s momentum since experiencing extremely oversold conditions previously.
Even though the token’s recovery is still very limited at this time, the overall momentum profile (from both buyers and sellers) could continue improving over the short term as LINK attempts to reclaim its previous high near $10.00.
Also Read: Chainlink Price Forecast: Can Expanding Prediction Markets Push LINK Toward $9.20 by June End?
Update on Chainlink Adoption: KRWQ Chooses Proof of Reserve
In an announcement posted by Chainlink (via their Chainlink X account) they announced that “KRWQ, built by @IQ0fficial & @fraxfinance, adopts Chainlink to enhance reserve transparency for KRWQ, the first fully-backed Korean won stablecoin.”
They added that “Chainlink Proof of Reserve is enabling the on-chain Korean won foreign exchange marketplace to develop regulatory readiness.”
This development is a continuation of the growing institutional and infrastructure adoption of Chainlink’s oracle ecosystem.
While these types of integrations do not necessarily result in immediate price gains, they will provide additional value to Chainlink in the blockchain ecosystem and may provide support for long-term investor confidence.
The announcement comes at a time when LINK is attempting to establish a price base above various levels of support, providing a supportive fundamental backdrop during a technical consolidation.
Chainlink continues to add ecosystem partners through additional Proof of Reserve integrations while Chainlink price continues to attempt a recovery from its last period of price weakness.
On a technical level, Chainlink price remains below many of its major moving averages, but with support being established at $7.94 and improving momentum in the RSI, things are shifting in a positive direction.
As always, the crypto market is inherently volatile, but technical developments and broader market conditions will dictate future price performance.
Also Read: Chainlink Ranks No. 4 in Fortune Crypto 100 for 2026
