Chainlink’s LINK token traded close to $10 on Wednesday as persistent selling pressure offset growing institutional interest in its blockchain infrastructure. The latest development came from Moody’s Ratings, which completed a testnet pilot using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to distribute credit information across multiple blockchain networks. Separately, Charles Schwab added LINK to its cryptocurrency trading platform. Despite these adoption milestones, weak derivatives sentiment and bearish technical indicators continue to weigh on the token.
Moody’s and Schwab Expand Chainlink Adoption
Moody’s Ratings and Chainlink announced the successful completion of a pilot on November 10, demonstrating how credit-rating information could be distributed simultaneously across different blockchain networks. The project used Moody’s Token Integration Engine and Chainlink’s Cross-Chain Interoperability Protocol, which enables communication and data transfers between separate blockchain ecosystems.
The testnet demonstration explored how credit insights could reach tokenized assets across permissioned and permissionless networks while preserving Moody’s existing publication and governance processes. Importantly, the project was a technical pilot using representative data, not a launch of live credit-rating distribution or the publication of actual ratings onchain.
Institutional access to LINK also expanded this week. On November 9, Charles Schwab announced that eligible Schwab Crypto clients could buy and sell Chainlink alongside Solana and Avalanche. The platform already offered access to Bitcoin and Ethereum.
These developments strengthen Chainlink’s presence in traditional finance, although institutional adoption does not automatically translate into immediate demand for LINK tokens.
LINK Derivatives Signal Selling Pressure
Market positioning remains a concern for bulls. CoinGlass derivatives data cited in the supplied market snapshot shows LINK’s futures taker buy-to-sell ratio at 0.90.
A reading below 1 indicates that market participants are executing more aggressive sell orders than buy orders. This suggests sellers currently have the advantage in short-term derivatives trading.
The latest CoinGlass market snapshot also showed LINK near $10.31, with its price down approximately 9.9% over seven days. The figures indicate that institutional announcements have yet to reverse the broader market weakness.
LINK Price Forecast: $10 Support at Risk
LINK traded around $10.2750 in the technical snapshot provided, remaining below its 50-day and 200-day Exponential Moving Averages (EMAs), positioned at $11.6465 and $10.9883, respectively.
The daily Relative Strength Index (RSI) stood near 36, indicating weak momentum and proximity to oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) remained below zero, reinforcing the bearish momentum signal.
Important price levels include:
- Immediate support: $10.0340.
- Downside targets: $8.9700, $7.8500 and $7.0100.
- Initial resistance: $10.8700.
- Moving-average resistance: $10.9883 and $11.6465.
- Higher resistance: $12.6080.
Conclusion
Chainlink’s institutional progress with Moody’s and Charles Schwab provides evidence of expanding adoption, but the token’s price action remains weak. A decisive break below $10.0340 could expose LINK to further losses toward $8.9700. Conversely, reclaiming $10.9883 and then $11.6465 would offer stronger evidence of a recovery. Until those resistance levels are cleared, sellers retain control of the near-term technical outlook.
Sources & Methodology
Primary-source standard: Market-moving facts should link to original data releases, regulator notices, company filings or official project announcements whenever available. Secondary reporting is used for additional context, not as a substitute for original evidence.
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