Chainlink falls to $7.93 as Robinhood deal fails to spark LINK rally

Robinhood Crypto adopted Chainlink to power its tokenized stock offering, yet LINK has dropped 1.1% since the announcement.

LINK fell 1.1% to $7.93 as of 09:15 UTC on July 13, failing to hold above $8.12 after Robinhood Crypto confirmed it uses Chainlink's oracle infrastructure for tokenized stocks including Apple, Microsoft and Nvidia.

"LINK attempted to retest resistance near $8.114 but failed to establish a breakout," crypto trader Elon Jamess said in a technical analysis of the one-hour chart, describing the recent structure as resembling a double-top pattern.

The token has gained 8.5% over the past 14 days but remains virtually flat over 30 days at -0.1%. It trades below the 50-day, 100-day and 200-day exponential moving averages, and sits 48.1% below its level from a year ago and roughly 85% below the all-time high of $52.70 reached in May 2021.

The $8.05 level is the key pivot. A move back above that threshold with rising volume would challenge the bearish structure, while a breakdown through $7.87 could open the path toward $7.42 and $7.10, according to Jamess.

Chainlink's integration with Robinhood Crypto adds one of the most recognizable names in retail finance to its ecosystem. The offering includes tokenized versions of Apple, Microsoft, Nvidia, Amazon and Alphabet, all powered by Chainlink's oracle network. The announcement reinforces the project's position as infrastructure for the tokenized real-world asset sector, which has grown to more than $51 billion, up about 50% year to date, according to Bernstein.

Beyond the Robinhood deal, Chainlink disclosed eight new integrations across four services and four blockchain networks. Users include Aave, Commertize, Mantle, Poppie Finance and Yuzu Money, the project said on July 12.

Robinhood's own blockchain — Robinhood Chain, an Ethereum layer-2 built on Arbitrum — processed $3.1 billion in decentralized exchange volume over the past seven days, ranking among the top five chains by DEX activity, Bernstein analysts led by Gautam Chhugani wrote in a July 14 report. More than 65,000 users hold roughly $13 million in tokenized stocks and $300 million in stablecoins on the network.

Despite the adoption milestones, LINK's price action tells a different story. Jamess identified a short entry zone between $7.948 and $8.020 with a stop-loss at $8.145, targeting $7.87, $7.42 and $7.10 on the downside. The double-top pattern near $8.114 followed by increased selling pressure suggests the market is waiting for more concrete volume or revenue data from the integrations before pricing in the bullish narrative.

This article is for informational purposes only and does not constitute investment advice.