The native token of the Chainlink oracle network, has fallen through key support levels following a session dominated by institutional selling.
The token dropped by 8% from $18.39 to $16.92 in the last 24 hours, crossing below a declining trendline that had framed recent price activity, as indicated by CoinDesk research’s market insight tool. Trading volume surged to 3.94 million units during the initial decline, almost double the average levels.
Current hourly data reveals LINK struggling below $17 within a narrow consolidation range. Several attempts to regain the $17 psychological barrier have failed, with trading activity falling 58% below session peaks. This compression hints that institutional buyers are absent, even as oversold technical conditions emerge.
On the news front, Ondo Finance, a real-world asset protocol, has appointed Chainlink as the provider for price feeds related to over 100 tokenized stocks and ETFs. This service will include real-time data on corporate actions like dividend payments, aiming to ensure accurate valuations across various blockchains. The partnership also integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP) alongside collaborations through the Ondo Global Market Alliance.
The Chainlink Reserve, which buys tokens on the open market using revenue from partnerships and services, acquired an additional 64,445 LINK on Thursday. This marks the largest nominal acquisition since the reserve’s inception in early August, bringing its total to $11 million worth of LINK.
What traders should monitor:
- Support/Resistance: Immediate resistance at the psychological level of $17.00, with stronger resistance at $18.20 stemming from a failed recovery effort.
- Volume Analysis: Remarkable trading volume of 3.94 million units during the breakdown, confirming institutional selling.
- Chart Patterns: The break of the descending trendline triggered intensified selling across several support levels.
- Targets & Risk: The next support target is around the $16.50 zone, with a potential deeper correction towards $16.00 if the consolidation fails.
Disclaimer: Some 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, please refer to CoinDesk’s comprehensive AI Policy.
