Chainlink Price Drops 4% Even As Bitwise Confirms LINK ETF Debut Date

Chainlink price dropped 4% over the past 24 hours to reach $13.32, despite the rising institutional interest. Bitwise was approved by the US Securities and Exchange Commission (SEC) to list the first US spot Chainlink exchange-traded fund (ETF).

The Bitwise Chaiblink ETF is approved for listing on NYSE Arca under the ticker CLNK, paving the way for trading to begin. This marks the second spot Chainlink ETF to hit US markets, following the Grayscale Chainlink ETF’s debut in December.

The firm, however, has postponed the launch date to February, with the intention to use this prospectus on February 1, 2026.

Meanwhile, the Grayscale LINK ETF has reported cumulative net inflows of $63.32 million, according to SoSoValue data, a sign of investor confidence.

Bitwise plans to waive 0.34% management fee for the first three months on up to $500 million in assets under management (AUM). Coinbase Custody Trust Company will serve as the custodian, with the fund tracking the CME CF Chainlink-Dollar Reference Rate (New York Variant).

The launch of the product underscores a milestone for institutional and retail investors seeking regulated exposure to the Chainlink ecosystem.

On a technical level, as investors await the launch of the LINK ETF, LINK trades in a cautious zone within the neckline of a double top pattern.

The price drop comes as the crypto market fell 2.9% to a market capitalization of $3.18 trillion.

Double Top Pattern Signals Caution For Chainlink Price

The Chainlink price forecast indicates the asset is struggling to hold above the $15 resistance level, as the $12 zone acts as a long-term support area.

This zone has acted as the lowest level on the neckline of a double top pattern. With LINK capped below $15, buyers will need extra juice to reverse the trend, as the double top exerts bearish pressure.

Key resistance levels to watch for include $15.35, $16.73, and $18.50. On the flip side, Chainlink will likely find support around $13.40; below that, the price would drop into the $10-$13 range. 

Moreover, the Chainlink Relative Strength Index (RSI) is at $43.88 and falling, signaling that selling pressure is picking up after hitting the 49-resistance level. If the RSI continues to drop, Chainlink’s price could fall below the $12 support area.

The bearish perspective is supported by the price of LINK trading below both the 50-day and 200-day Simple Moving Averages (SMAs).

LINK/USD Chart Analysis: TradingView

The trading volume has also dropped by 23% over the last 24 hours, indicating a decline in market activity. This could be because the double top pattern is encouraging the bears, and the $14.8 level is acting as a profit-taking zone.

Can LINK Price Drop Below $12?

A cautious drop for Chainlink price to $12 is possible since the crypto asset has hit tehse prices before as a result of the two tops capped at the $30.9 and $27.9 resistances. The dropping RSI and the price trading below both SMAs shows that selling pressure is increasing.

As Chainlink price continues to drop, the number of active addresses has also fallen sharply, signaling a noticeable reduction in on-chain activity, according to CryptoQuant data. This drop suggests that traders and investors are increasingly cautious, choosing to stay on the sidelines.