Chainlink’s LINK token fell 10% on Monday, plunging to its lowest price since the October 10 flash crash, breaking key support levels.
Trading activity soared 674% above the 24-hour average at the height of the outage, with more than 12 million LINK changing hands as the token rose from $16.21 to $15.02 in less than 30 minutes, according to CoinDesk Research’s technical model.
The token underperformed the CoinDesk 5 Index by more than 5.8%, signaling technical weakness amid heavy volume.
CoinDesk Research’s model pointed to the failure of a breakout earlier in the week and the lack of new catalysts as reasons for the move. LINK now faces critical support around $15.25, with technical downside risk towards $14.50 if buyers fail to stabilize the current range.
Chain Link News
The sale took place as Chainlink unveiled “Rewards Season 1,” a new incentive program launching on November 11. The initiative will allow eligible LINK participants to earn token rewards from nine participating Chainlink BUILD projects, including Dolomite, Space and Time, Truflation-linked Truf Network and others, Monday’s blog post said.
Participants can earn Cubes – non-transferable reward points – based on their past staking activities, which they can allocate to projects of their choice before rewards begin to be unlocked in mid-December.
Key Technical Levels LINK Traders Should Watch
- Support/Resistance: Immediate assistance between $15.25 and $15.30; resistance lies at $17.66
- Volume analysis: Volume peaked at 12.4 million tokens, up 674% from the daily average.
- Chart templates: Breakout confirmed with lower highs following failed breakout.
- Targets and risk/reward: If $16 does not hold, the decline extends to $14.50; the recovery faces strong resistance at $20.
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.
