Chainlink's LINK Tumbles 4% as Selling Pressure Mounts
The native token of oracle network Chainlink LINK$21.80 encountered substantial institutional selling pressure over the 24-hour trading session, tumbling to its weakest price in more than a week.
LINK tumbled 4% to a session low of $21.30, reversing over 8% from Monday's local high, CoinDesk data shows. The decline happened in line with weakness in the broader crypto market. The CoinDesk 20 Index, a benchmark for that broader market market, was also down around the same amount.
Meanwhile, the Chainlink Reserve, a facility that purchases tokens on the open market using income from protocol integrations and services, kept its weekly habit, buying another 45,729 LINK worth nearly $1 million on Thursday. The reserve currently holds nearly $10 million worth of tokens.
Thursday's decline, however, meant that 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 pointed out bearish momentum, underscoring the weakening investor sentiment.
- The token's trading range expanded to $1.05, representing 5% volatility between the session low of $21.53 and peak of $22.68.
- Technical resistance materialized at the $22.68 level, where the token reversed course on exceptionally heavy volume of 1,981,247 units.
- Additional resistance formed at the $21.92 level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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