Chainlink (LINK) Price Drops 11%: Technical Breakdown Outweighs Spot ETF News

The price of Chainlink's native token, LINK, has experienced a significant decline of 11%, underperforming the broader cryptocurrency market. This sharp drop occurred despite recent news and speculation surrounding the potential launch of a spot Chainlink ETF. Market analysts attribute the sell-off primarily to a critical technical breakdown, where LINK's price fell below a key support level, triggering automated sell orders and bearish sentiment among traders. The technical overshadows the fundamental news, highlighting the current market's sensitivity to chart patterns and trader psychology over speculative announcements. The focus now shifts to whether LINK can find a new support zone or if the downward momentum will continue in the short term.