Chainlink's LINK Stalls After Nasdaq-Listed Firm's Treasury Purchase, Grayscale ETF Plans

The native token of Chainlink (LINK) stalled on Wednesday after a strong start to the week, giving back some of the gains on news about asset manager Grayscale filing to convert its closed-end fund into an exchange-traded fund (ETF). The token is down about 1% in the past 24 hours in a volatile session, experiencing a 7% price swing, per CoinDesk Research's technical analysis ￰0￱ price action followed Arizona-based real estate and asset manager Caliber's (CWD) Tuesday announcement that it completed its first purchase of LINK tokens, marking the start of its digital asset treasury ￰1￱ stock skyrocketed nearly 2,000% on Tuesday before giving back a bulk of the gains, down another 20% on Wednesday ￰2￱ firm didn't disclose the amount of tokens ￰3￱ move makes Caliber the first Nasdaq-listed firm to adopt a treasury reserve policy focused on ￰4￱ company said it aims to accumulate LINK over time using existing credit lines, cash reserves and equity-based securities, with plans to stake tokens to generate ￰5￱ analysis Trading Performance: LINK posted a modest 1% decline over the 24-hour period, experiencing volatile intraday swings of 7% between $22.84 and $24.46, CoinDesk Research's technical analysis model ￰6￱ Indicators: Trading activity spiked to 3.78 million units at 14:00 on September 9:00 UTC, exceeding the 24-hour average and establishing support near the $23 price ￰7￱ Testing: The intraday high of $23.49 encountered selling pressure before declining through minor support levels, indicating profit-taking activity and potential preparation for additional downside price discovery.

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