The native token of the Oracle Chainlink network encountered significant institutional selling pressure during the 24-hour trading session, falling to its lowest price in over a week.
LINK fell 4% to a session low of $21.30, reversing more than 8% from Monday’s local high, according to CoinDesk data. This decline occurred alongside weakness in the broader crypto market. The CoinDesk 20 Index, a benchmark for this broader market, also fell by roughly the same amount.
Meanwhile, Chainlink Reserve, a facility that purchases tokens on the open market using revenue from protocol integrations and services, kept up its weekly habit, purchasing an additional 45,729 LINK worth nearly $1 million on Thursday. The stash currently contains almost $10 million worth of tokens.
However, Thursday’s drop means the vehicle is now underwater, with LINK trading below the average cost basis of $22.44, the dashboard shows.
Key technical indicators
CoinDesk Research’s technical model highlighted bearish momentum, highlighting weakening investor sentiment.
- The token’s trading range extended to $1.05, representing 5% volatility between the session low of $21.53 and high of $22.68.
- Technical resistance materialized at the $22.68 level, where the token reversed course on an exceptionally large volume of 1,981,247 units.
- Additional resistance formed at the $21.92 level.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
