LINK price slips as Bank of England selects Chainlink for its Synchronization Lab

Chainlink price continued its downward trend on Tuesday, February 10, continuing a downward trajectory that started in August when it peaked at $27.8.

Chainlink (LINK) token was trading at $8.60, down by 70% from its highest point in 2025. It is hovering near its lowest level since Aug. 2024.

LINK token retreated even after the Bank of England selected Chainlink as part of the Synchronization Lab, where it will provide decentralization solutions. It joins other major entities like Swift, Quant (QNT), the London Stock Exchange, ClearToken, and Nuvante that will participate in the program.

The Synchronization Lab is a new project that will allow synchronization operators to demonstrate how they will interact with the upcoming RT2 synchronization capability. It will build on Project Meridian, which has demonstrated that the synchronization operator concept is technically feasible.

According to the statement, the Synchronization Lab will also demonstrate synchronization’s flexibility and supporting ecosystem readiness. 

The Bank of England becomes the next major organization to select Chainlink as its oracle provider. Some of its top partners are companies like UBS, Euroclear, JPMorgan, DTCC, ANZ Bank, and Fidelity. 

These partnerships have helped boost Chainlink’s revenue over time, which has helped it boost the Strategic LINK Reserves. Data shows that the network has accumulated 1.9 million tokens worth over $16.2 million.

Meanwhile, spot Chainlink ETFs have continued doing well this month and are beating other coins like Bitcoin and Ethereum. Spot BTC ETFs have accumulated over $5.58 million in assets this month, while Bitcoin funds have shed over $173 million. Ethereum funds have shed $108 million in outflows this month.

LINK price technical analysis

The weekly chart shows that the LINK price has slumped in the past few months, moving from a high of $27.46 in August to a low of $8.5.

It has dropped below the crucial support level at $10.24, the neckline of the giant head-and-shoulders pattern, which has been forming since October 2023.

It has moved below the 50-week and 100-week Exponential Moving Averages, while the Relative Strength Index has continued moving downwards. The two averages have formed a bearish crossover.

Therefore, the next key support level to watch will be at $5.541, its lowest level in June 2023. If this happens, the coin will fall by about 35% from the current level.