Foreign media reports that Chainlink's new partnership with Mastercard provides a new channel for traditional payment funds to directly enter the on-chain protocol. This development has increased market attention to the project's adoption, but in terms of price performance, LINK has not yet shaken off its weakness.
As of press time, LINK was trading at approximately $8.92, down about 9.7% over the past 7 days and about 43.8% over the past year. In the past 24 hours, the price fluctuated between $8.81 and $9.06, showing a slight short-term rebound, but the overall trend remains weak.
The collaboration aims to directly connect fiat currency to the blockchain.
The report mentions that the focus of this collaboration is to allow Mastercard users to directly purchase digital assets using their bank cards and channel funds into the on-chain protocol, reducing reliance on centralized exchanges.
The transaction process is handled by a compliance-focused routing system that connects to the Mastercard payment network, Chainlink infrastructure, and multiple fintech service providers. The article argues that this type of integration helps lower the barrier to entry for traditional users to access on-chain applications.
Large addresses and reserve holdings increased
Despite price pressure, some on-chain data shows signs of accumulation. Santiment data shows that the number of addresses holding at least 100,000 LINK has increased to 805, an increase of approximately 8.2% compared to seven weeks ago. This indicates that some large holders are continuing to accumulate during the price decline.
Another factor mentioned is the Chainlink Reserve. This reserve recently added 132,002.92 LINK, worth over $1.1 million, bringing the total holdings to approximately 3.91 million LINK. The report notes that this reserve comes from corporate revenue and on-chain service usage revenue, forming a mechanism for continuously absorbing circulating supply.
The technical picture remains dominated by bears.
However, the article argues that these positive factors have not yet been reflected in the price action. Coinlore's market analysis shows that among 23 indicators, LINK has generated 13 sell signals, 3 buy signals, and 7 neutral signals.
Meanwhile, the 10-day, 20-day, 50-day, 100-day, and 200-day EMAs are all above the current price, indicating that the downward structure on the daily chart has not changed. The RSI is approximately 38.41, still in the neutral to weak range, showing that selling pressure has eased somewhat, but the reversal momentum is not strong.
The article mentions that the short-term support level is around $8.85, with further downside target at $8.79; the initial resistance level is at $9.02, followed by $9.19, with stronger resistance around $9.82.
Overall, foreign media believe that this collaboration is more of a catalyst for long-term adoption than a direct trigger that will immediately change LINK's price action. If the price cannot stably hold above key resistance levels, the market will find it difficult to confirm a short-term trend reversal.
