“Nasdaq-listed Caliber purchased $2 million LINK while the Chainlink Reserve added nearly 60,000 tokens, but bears remain in control.”, — write: www.coindesk.com
The pullback occurred amid concentrated selling pressure, particularly between 6:00 and 8:00 AM ET on Friday, CoinDesk Research’s analytics model noted. A brief recovery late in the session saw LINK modestly up 0.4% in the final hour, but not enough to offset earlier losses.
Despite the steep decline, corporate interest in LINK appeared to be steady. Caliber Corporation (CWD), a Nasdaq-listed real estate investment firm, disclosed a $2 million LINK acquisition on Thursday. The purchase brought Caliber’s total LINK tally to 562,535, worth about $9.2 million at current prices.
Meanwhile, the Chainlink Reserve added another 59,969 LINK to its holdings, bringing its holdings to 523,159 tokens. However, with an average cost base of $21.98, the reserve remains deeply underwater, down over 34% from its entry point.
On the tech front, Chainlink advanced its product roadmap with the launch of Data Streams on MegaETH, a high-speed blockchain optimized for real-time applications. The integration allows smart contracts to access live market data with sub-second latency, supporting DeFi use cases like perpetual swaps trading and stablecoins with centralized exchange-level speed.
Technical Analysis Breakdown:
- Chainlink experienced a significant sell-off, falling from $18.07 to $16.46, representing a substantial 9% sell-off with an overall trading range of $2.25.
- Critical institutional support emerged at the $15.72-$15.82 zone with strong volume confirmation, while resistance formed at $17.43 with multiple rejections throughout the trading session.
- LINK established a new support level around $16.30-$16.35 as potential re-entry strategies.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Investors are increasingly tapping gold-backed crypto tokens for active trading and hedging, a CEX.io report said.
- Gold-backed tokens surpassed $1 billion in daily trading volume amid surging gold prices.
- Tokenized gold products, while still much smaller in size, have outpaced traditional ETFs in trading velocity, the report said.
- This suggests investors are increasingly using gold-backed tokens for active trading and hedging against economic uncertainties due to blockchain’s 24/7 trading.
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