Chainlink’s LINK Declines Following Treasury Purchase and Grayscale ETF Filing
The token of Chainlink (LINK) declined approximately 1% after an initial surge this week, following Grayscale's filing to convert its closed-end fund into an ETF.
Key points include:
- LINK experienced a price swing of 7%, according to CoinDesk Research's technical analysis model.
- Caliber, a real estate and asset manager, announced its first purchase of LINK tokens on Tuesday, initiating its digital asset treasury strategy.
- Caliber's stock saw a nearly 2,000% increase before falling 20% in pre-market trading on Wednesday.
- The firm plans to accumulate LINK using credit lines, cash reserves, and equity-based securities, with intentions to stake tokens for yield generation.
Technical Analysis
- LINK's trading performance showed a 1% decline over 24 hours, with intraday swings between $22.84 and $24.46.
- Trading volume peaked at 3.78 million units, exceeding the 24-hour average, establishing support near $23.
- The intraday high of $23.49 faced selling pressure, suggesting profit-taking and potential further downside.