Plunges 5% as sellers dominate. Can he get $15 back?

The LINK of Chainlink LINK$14.53 The token extended its decline on Thursday, falling nearly 5% in the past 24 hours and falling below $14.50 as technical sellers dominated buyers.

LINK fell from $15.26 to $14.73 during the day and then continued to fall, marking its weakest level since late October, according to CoinDesk data. The token underperformed the CoinDesk 5 Index, which was down 3.7% over the past 24 hours.

Trading volume surged to 3.32 million tokens, about 118% above the daily average, during the outage, confirming a decisive rejection of the $15.00 to $15.26 resistance range, CoinDesk Research’s technical analysis model showed. A rapid three-wave liquidation cascade between 5:05 p.m. and 5:41 p.m. UTC saw over 360,000 tokens exchanged in a matter of minutes, pushing LINK towards new support near $14.40 as bearish momentum accelerated.

Even with the decline, on-chain data shows continued accumulation of protocols. The Chainlink Reserve purchased an additional 74,049 LINK on Thursday, bringing total holdings above 800,000 tokens, according to the reserve’s dashboard. Its average acquisition cost is around $20, leaving the reserve underwater at around 27%.

With LINK sliding below $14.50, traders now face a narrower risk window: losing the $14.40-$14.50 zone could open up room towards $14.20, while reclaiming $15.00 remains the threshold to stabilize near-term momentum.

Key technical levels to watch

• Support/Resistance: $14.40 to $14.50 is immediate support; resistance lies at $15.00 and $15.26.
• Volume analysis: Allocation volume jumped 118% above average, signaling institutionally driven selling pressure.
• Chart templates: A clear break in the trendline confirms a bearish reversal from recent highs.
• Targets and risk/reward: Holding $14.40 keeps the decline contained at $14.20; recovery requires a move above $15.26.

Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.