Chainlink’s LINK slipped nearly 5% in 24 hours, sliding to $13.74 on Thursday despite a high-profile Coinbase tie-up that many expected to boost sentiment. Coinbase announced earlier in the day it will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a new bridge for roughly $7 billion in wrapped assets — including cbETH, cbBTC and cbDOGE. The selection of CCIP represents a significant institutional nod to Chainlink’s cross-chain infrastructure and its role in tokenization. Adding to on-chain interest, Nasdaq-listed digital asset treasury firm Caliber (CWD) said it has begun staking LINK for yield, deploying an initial 75,000 tokens. Still, broader market headwinds outweighed the headlines. Weak altcoin momentum and renewed investor concern about the Federal Reserve’s rate outlook pressured crypto prices, sending LINK down from Wednesday’s high of $14.46 to a Thursday intraday low of $13.43. Signs of a potential bottom, however, emerged late in the session. Trading activity jumped — volume was 20.4% above the seven-day average — and CoinDesk data recorded a concentrated burst of more than 340,000 LINK exchanged between 18:42 and 18:45 UTC. CoinDesk Research’s technical tool also flagged accumulation just above a key support level at $13.46, suggesting institutional buying amid wider market weakness. Key levels to watch (based on the session): - Support: $13.46 - Recent high/resistance: ~$14.46 Markets remain sensitive to macro developments, but the Coinbase CCIP partnership and institutional staking activity give LINK positive structural newsflow even as short-term price action tests support. Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team for accuracy and standards compliance. For details, see CoinDesk’s AI policy. Read more AI-generated news on: undefined/news

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