Chainlink (LINK) Price News: 11% Drop as Crypto Sell-off Overshadows ETF Launch News
CoinDesk
Chainlink's LINK token dropped over 11% below $12 as a broader crypto sell-off and technical breakdown overshadowed news of its potential U.S. spot ETF launch.Summary
Chainlink's native token, LINK, tumbled more than 11% over 24 hours, breaking below the critical $12 support level and confirming a bearish technical breakdown, according to CoinDesk Research's analysis. This significant drop occurred despite positive regulatory news: asset manager Grayscale is set to convert its closed-end LINK trust into an ETF structure, potentially trading on NYSE Arca this week. However, traders focused on the technical weakness, evidenced by a 280% spike in trading volume that pushed prices to $11.94. The decline mirrors broader market risk sentiment, as Bitcoin also fell amid macro jitters. Immediate support for LINK is now seen at $11.87, with further downside targeting the $11.70–$11.80 zone.
(Source：CoinDesk)