- ChainLink’s token LINK dropped over 6% despite a new deal with SBI Group.
- The price fell from above $27 to around $24.40 within 24 hours.
- SBI Group and Chainlink have partnered to develop tokenized assets and stablecoin solutions in Japan.
- Trading activity showed high volatility and a potential bearish trend, with resistance at $26.61 and support at $24.37.
- The partnership will use Chainlink’s technology to test cross-chain and cross-border blockchain transactions.
Chainlink’s native token LINK declined in value Monday alongside the broader cryptocurrency market. This drop came even as Chainlink announced a new partnership with Japanese financial firm SBI Group to develop blockchain-based solutions.
According to CoinDesk data, LINK’s price fell to $24.40, down more than 6% in the past day. This decline reversed last Friday’s high of over $27. CoinDesk Research reported that the token’s trading sessions followed a downward pattern, with lower peaks and reduced trading volume near the end of the period.
On Monday, SBI Group said it will work with Chainlink to create tokenized asset offerings and stablecoin solutions in Japan, with the potential to expand across the Asia-Pacific region. The agreement includes plans to use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to support transactions between different blockchains and ensure compliance with local regulations.
The companies will also run tests involving tokenized funds, moving net asset value information onto blockchains. In addition, the use of payment-versus-payment settlement will be studied for foreign exchange and international transactions. Chainlink’s Proof of Reserve feature will be used to verify stablecoin reserve amounts.
This new partnership expands on previous cooperation between Chainlink and SBI through Singapore’s Project Guardian, an initiative by the Monetary Authority of Singapore focused on blockchain finance.
Technical analysis from CoinDesk Research stated that resistance was present at $26.61, with strong support at $24.37. During peak volatility, the reported trading volume reached over 7.8 million LINK, far above the typical daily average of about 2.7 million LINK. The formation of lower price peaks and high activity signals that bearish momentum may be increasing.
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