- Chainlink announced 18 integrations across 6 services and 15 different chains, including Ethereum, Arbitrum, Hedera, and Injective.
- LINK price encounters a key support zone at $16, which could decide its next move higher or downwards.
The Chainlink (LINK) network is expanding with new ecosystem integrations. In just one week, 18 new projects integrated Chainlink’s oracle services. However, LINK, the native cryptocurrency, has fallen below the $16 support zone.
Chainlink Continues With Ecosystem Integration
In its latest adoption update, Chainlink disclosed that 18 new projects and protocols integrated with its oracle services. These integrations occurred across 6 Chainlink services and 15 blockchains, including Ethereum, Arbitrum, Base, Aptos, BNB Chain, Hedera, Injective, XDC, and others.
The notable new partnerships include ApeX Protocol, Brickken, Bedrock DeFi, Overtime Markets, and Opinion Labs. This is an addition to alliances with layer-1 chains like Aptos, Hedera, Etherlink, and XDC, now using Chainlink natively.
These partnerships position Chainlink as a key oracle standard. The Chainlink network is being adopted at a fast pace across almost every relevant ecosystem, including many non-EVM chains.
As highlighted in our previous article, Chainlink recorded a major rise in tokenized asset activity, reaching $322.3 billion. That figure placed the network at the center of a fast-growing segment supported by major financial giants, including JPMorgan and Fidelity.
Furthermore, Chainlink has partnered with commodity tokenization company Streamex to boost adoption and improve liquidity. As featured in our recent coverage, Streamex integrated with Chainlink through its Cross Chain Interoperability Protocol (CCIP) across the Base and Solana mainnets.
These integrations are extremely bullish for long-term LINK demand. However, the price of LINK recently broke below a major support at $16. This has placed 53.87 million accumulated tokens under pressure as sentiment weakened and downside momentum expanded.
Bullish LINK Onchain Signals
Despite that, the LINK price is now sitting right on the lower boundary of a multi-month descending channel. Also, an Elliott Wave A-B-C correction appears to have finished, and the price bounced exactly from that lower channel line, a classic reversal signal.
Additionally, exchange reserves of LINK have dropped sharply. Chainlink exchange reserves dropped 2.26% in a week to 1.8 billion.
Traders are moving LINK off exchanges into private wallets, a classic accumulation behavior, which reduces future sell pressure.
Furthermore, Futures Taker Buy Cumulative Volume Delta (CVD) is strongly positive, indicating aggressive buyers are stepping in on every dip.
Binance Top-Trader accounts are 74.32% long accounts against 25.68% short. The resulting ratio of 2.89 highlighted strong conviction among experienced participants.
If LINK reclaims the $16.64, the previous support-turned-resistance, the next target is towards $19.13, then potentially $23.
On the flipside, if LINK gets rejected again at $16.64, the bearish trend continues, and new lows are likely.
Overall, the Chainlink charts paint a bearish picture across both the weekly and daily time frames. As of this writing, LINK is down 3.9% and 15.5% over the past day and week to $13.54.
The bearish LINK prediction is strengthening after breaking down from two long-held support levels.
Nevertheless, analysts are eyeing $19 as the next possible target, amid increased Chainlink whale activity.