Chainlink (LINK) Holds Near $8.47 as Lombard Integration Boosts Market Confidence

Chainlink’s price action near $8.47 reflects cautious sentiment, even as new institutional integrations add underlying market optimism.

LINK remains a crucial player in the cryptocurrency market with its oracle services to DeFi, tokenized assets, and applications needing access to real-world data.

Despite the market with its price, the continued adoption of the LINK’s network is showing that the network is becoming more established beyond short-term price moves. At press time, the coin is trading at $8.43 with a decline of 8.36% over the past 24 hours.

LINK Tests Crucial Support Near $8.40–$8.50

Reviewing the daily chart on TradingView, LINK is still trading below both its 50-day and 200-day moving averages, supporting a bearish trend. The price has now drifted to an important demand level of $8.40-$8.50, where buyer interest has been in the past.

In addition to this, the Relative Strength Index (RSI) also indicates that LINK is in the oversold region and that the downward price momentum may soon slow.

A confirmation of a price reversal has yet to occur; however, a continued consolidation above this level for several trading sessions may create the necessary bullish conditions for an upward price reversal.

Also Read: Chainlink Rally Alert: LINK Could Hit $12–$14 Amid GAKS Deal

Lombard Integration Adds to Positive Outlook

According to the recent update on the Official account on X by Chainlink, the outlook has improved recently after Lombard Finance, a BTCFi protocol with just over $1.1 billion in total value locked integrates LINK Proof of Reserve on the Ethereum blockchain.

With the addition of LINK Proof of Reserve, Lombard Finance can provide transparent, real-time verification of all BTC-backed collateral. This recent integration solidifies LINK’s position as the most trusted infrastructure for producing institutional products using blockchain technology.

While not necessarily being an immediate price catalyst, the recent addition of Lombard Finance strengthens investor confidence in LINK long-term.

In conclusion, Chainlink is still technically weak but is receiving some fundamental support. As LINK price is currently around $8.47, investors will be watching closely to see if continued adoption in the real world will stabilize LINK prices somewhat soon.

Also Read: Chainlink Faces Key Support at $10.82, Eyes $13.60 Rally Ahead