Chainlink (LINK) Price News: Declines 2% as ETF News Fails to Break Resistance

Chainlink's LINK token fell by 4% amidst strong technical resistance despite initial bullish news regarding Bitwise's Chainlink ETF, which is set to be traded under the ticker CLNK. The resistance level at $16.25 proved too formidable to overcome, prompting significant selling pressure and leading to a trading volume increase of 138% during the rejection at this level. The token dipped to a low of $15.10 amid broader market declines. This technical pullback occurred despite the ETF's registration pointing towards operational readiness, with market participants maintaining skepticism regarding the SEC's approval of the ETF. Key support is identified at $15.10, while immediate resistance is observed between $15.40 and $15.50. The current price action suggests a range-bound market behavior, with targets set towards $15.50 and $16.00, but with downside risks likely leading toward $15.00 if momentum stalls.

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