Chainlink's $17 Support Faces Pressure as Utility-Driven Projects Gain Ground

Chainlink (LINK) faces a critical juncture as its price hovers near $17, a pivotal support level that traders and analysts are closely monitoring. The token, which underpins the oracle network's role in decentralized finance (DeFi) and real-world asset (RWA) tokenization, has drawn cautious optimism from market observers. If bulls can defend this level, LINK could target $25–$30 in the coming months, according to analysts at LiveBitcoinNews. However, a breakdown below $16.50 could trigger a deeper correction, with some technical indicators suggesting a potential test of $15.80, according to a Yahoo Finance report.

The narrative for LINK is bolstered by institutional confidence. On-chain data reveals a 15% increase in accumulation by large investors over the past week, LiveBitcoinNews reported, while the Chainlink Reserve added 64,445 tokens to its holdings in a single session, the largest acquisition since August, Yahoo Finance reported. Partnerships are also reinforcing Chainlink's infrastructure role. Most recently, Ondo Finance integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) to power data feeds for over 100 tokenized equities and ETFs, expanding its reach into institutional markets, according to CoinDesk. Meanwhile, Stellar's adoption of Chainlink's cross-chain tools has linked $5.4 billion in RWA volume to the oracle network, further validating its utility, according to a CoinMarketCap analysis.

Yet, while Chainlink consolidates, a new contender is gaining traction: Remittix (RTX), an Ethereum-based PayFi project. With $27.7 million raised from the sale of 681 million tokens, RTX has positioned itself as a disruptor in the $19 trillion remittance market by enabling instant crypto-to-bank transfers across 30+ countries, LiveBitcoinNews reported. Its real-world utility — verified by CertiK as the 1 pre-launch token, according to Crypto.News — has attracted investors seeking alternatives to speculative assets. RTX's wallet beta, which allows direct crypto-to-fiat conversions, and its strategic partnerships in global payment APIs, are accelerating adoption, LiveBitcoinNews added.

The shift toward utility-driven projects is reshaping investor sentiment. "October may mark the month where investors see Remittix overtake traditional tokens like LINK in both attention and potential," said analysts at LiveBitcoinNews. Unlike LINK, which relies on technical support levels, RTX's value proposition is rooted in tangible use cases, including verified security, low-cost transactions, and a growing ecosystem of institutional-grade partnerships, LiveBitcoinNews noted.

Market dynamics, however, remain mixed. While Chainlink's fundamentals are strong—evidenced by its collaboration with Balcony on $240 billion in real estate tokenization, LiveBitcoinNews reported—the broader crypto market's volatility has weighed on LINK. A recent 8% drop below $17 was attributed to heavy institutional selling and Bitcoin's pullback below $110,000, Yahoo Finance observed. Conversely, RTX's momentum is fueled by a combination of fiat integration and a live referral program, driving organic growth, LiveBitcoinNews added.

For now, the $17 level remains a critical inflection point for Chainlink. A sustained rebound could reignite bullish momentum, while a continued decline might cede ground to projects like RTX. As DeFi stabilizes and institutional adoption accelerates, the next quarter will likely determine whether Chainlink maintains its dominance or cedes market share to PayFi innovators.