Chainlink's LINK Slides 11% as Technical Breakdown Overshadows ETF Launch News

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Chainlink's LINK Slides 11% as Technical Breakdown Overshadows ETF Launch News The token broke below $12, breaching key support levels with heavy trading volume, confirming the downtrend. By CD Analytics , Krisztian Sandor | Edited by Sheldon Reback Dec 1, 2025, 4:59 p.m. "Chainlink (LINK) falls 7% to $11.94 as first spot LINK ETF launch fails to boost token amid institutional selling." What to know : LINK slid below $12 on Monday as the broader crypto market pulled back. Grayscale's expected conversion of its Chainlink Trust to the first U.S. spot LINK ETF failed to jolt prices. Technical analysis suggests a breakdown with downside target of $11.70–$11.80. The native token of oracle network Chainlink broke below $12 on Monday as the broader crypto market pullback overwhelmed anticipation for the token's U.S. spot ETF debut. The LINK token tumbled more than 11% over the past 24 hours, with a bearish technical picture pointing to a breakdown, CoinDesk Research's technical analysis tool noted. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The weakness came despite news that asset manager Grayscale is set to convert its closed-end LINK trust into an ETF structure. Well-followed ETF analyst Nate Geraci said the ETF could start trading this week on NYSE Arca. Still, traders appeared more focused on the technical breakdown than the regulatory milestone. A spike in volume to 7.14 million LINK, roughly 280% above the daily average, pushed the token below the $13.00 support level, CoinDesk Research's technical analysis tool noted. Prices slid to $11.94, establishing a bearish structure of successive lower highs and confirming downside pressure. The weakness also mirrors broader risk sentiment in crypto, as bitcoin tumbled to near $84,000 in U.S. morning hours amid macro jitters and Bank of Japan rate hike speculation. Key levels to watch: Support/Resistance: Immediate support now sits at $11.87 and resistance at $12.26, the prior breakdown point. Volume Analysis: 7.14M token volume marked a 280% spike above average, confirming institutional sell pressure. Chart Patterns: Break below descending trendline with an 11.7% drop across a $1.56 range. Targets and Risk: Further downside could target the $11.70–$11.80 zone, with November lows at $11.39 as the next level to watch. 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. AI Market Insights Chainlink More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. 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