Chainlink’s LINK Retreats After Coinbase Bridge Announcement Despite Strong Volume Signals

Chainlink’s LINK token slipped nearly 5% in the past 24 hours to $13.74 on Thursday, erasing early gains even after a major integration announcement from Coinbase. Earlier in the day, Coinbase confirmed it had selected Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power a new bridge for its $7 billion portfolio of wrapped assets, including cbETH, cbBTC, and cbDOGE—an important endorsement for Chainlink’s expanding role in cross-chain connectivity and tokenization infrastructure.

The enthusiasm from the announcement, however, struggled to offset broader market weakness. Altcoins faced muted momentum while renewed uncertainty around the Federal Reserve’s rate path pressured risk assets. LINK fell from Wednesday’s high of $14.46 to an intraday low of $13.43 as traders reacted to macro-driven volatility.

Institutional interest continued to grow despite the downturn. Nasdaq-listed digital asset treasury firm Caliber (CWD) disclosed it has begun staking LINK for yield, starting with a deployment of 75,000 tokens. This move added to expectations of increasing long-term participation from corporate holders.

By late session, signs of stabilization emerged. Trading volume surged 20.4% above the weekly average, highlighted by a sharp burst of more than 340,000 LINK traded between 18:42 and 18:45 UTC—over 2,000% above the session average. CoinDesk Research’s technical analysis tool indicated accumulation just above the key support level at $13.46, suggesting institutions may be positioning during the broader market pullback.

LINK consolidated between $13.43 and $13.67 before staging a final-hour recovery to $13.76, hinting at a potential short-term bottom. A decisive move above the psychological $14 barrier could open targets at $14.38 and $14.88. Conversely, failure to maintain support at $13.46 may push prices toward $13.20.

The combination of institutional adoption, strong volume signals, and emerging support zones positions LINK as a token to watch as market sentiment stabilizes.