Chainlink Declines 6% Despite New Partnership with SBI Group
Chainlink's native token, LINK, dropped to $24.4, falling over 6% in 24 hours, amidst a broader crypto market decline. This follows a recent peak above $27.
SBI Group has partnered with Chainlink to develop tokenized assets and stablecoin solutions in Japan, aiming for expansion in Asia-Pacific markets.
SBI will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for blockchain transactions and test tokenized funds, utilizing Chainlink’s Proof of Reserve for stablecoin verification.
Technical Indicators Analysis
- Resistance at $26.61 indicated by sharp reversals on high volume.
- Support at $24.37 with buying interest.
- Volume peaked at 7,850,571 units, surpassing the average of 2,687,393.
- Lower peak formations suggest increasing bearish momentum.