Native token of the Oracle Chainlink network dipped beyond critical support levels on Thursday as institutional selling dominated the session.
The token fell 8% from $18.39 to $16.92 over the past 24 hours, falling below a descending trendline that contained recent price action, CoinDesk Research’s market analysis tool showed. Trading volume jumped to 3.94 million units during the initial distribution, almost double the average.
Recent hourly data shows LINK stuck below $17 in a tight consolidation range. Multiple attempts to reclaim the psychological $17 level failed as trading activity fell 58% below session highs. The squeeze suggests that institutional buyers remain absent despite the development of oversold technical conditions.
On the news front, real-world assets protocol Ondo Finance has named Chainlink the price feed provider for over 100 tokenized stocks and ETFs. The service includes streaming data on corporate actions such as dividend payments to ensure accurate valuations across multiple blockchains. The partnership also involves Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and collaborations through the Ondo Global Market Alliance.
The Chainlink Reserve, which uses protocol revenue from partnerships and services to purchase tokens on the open market, added another 64,445 LINK to its reserve on Thursday. This is the largest nominal acquisition since early August, when stockpiling began. He now owns $11 million worth of LINK.
What traders should watch for:
- Support/Resistance: Immediate resistance at the psychological level of $17.00, stronger resistance at $18.20 following a failed recovery attempt.
- Volume Analysis: An exceptional volume of 3.94 million units during the outage confirmed institutional selling.
- Chart Patterns: A breakout of the descending trendline triggered accelerated selling through multiple support zones.
- Targets and Risks: Next support targets $16.50 area, potential deeper correction towards $16.00 if consolidation fails.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
