Oracle Network Chainlink’s native token It fell below key support levels as institutional selling dominated on Thursday.
CoinDesk Research’s Market Insights tool shows that the token has fallen 8% over the past 24 hours, from $18.39 to $16.92, falling below a falling trend line containing recent price action. Trading volume during the initial breakdown rose to 3.94 million units, almost double the average.
Recent hourly data shows that LINK is stuck in a narrow consolidation range below $17. Several attempts to reclaim the psychological level of $17 failed as trading activity fell 58% below the session’s peak. The compression suggests that institutional buyers are absent despite an oversold technical condition developing.
On the news front, real-world asset protocol Oendo Finance has named Chainlink the price feed provider for over 100 tokenized stocks and ETFs. The service includes streaming data about corporate activities such as dividend payments to ensure accurate valuations across multiple blockchains. The partnership also includes Chainlink’s collaboration through the Cross-Chain Interoperability Protocol (CCIP) and the Ondo Global Market Alliance.
Chainlink Reserve, which uses protocol revenue from partnerships and services to buy tokens on the open market, added another 64,445 LINK to its reserves on Thursday. This is the largest nominal acquisition since the reserves were launched in early August. It now has links worth $11 million.
What traders should look for:
- Support/Resistance: Immediate resistance at the psychological level of $17.00, strong resistance at $18.20 from a failed recovery attempt.
- Volume Analysis: Exceptional 3.94 million unit volume confirmed institutional selling during the breakdown.
- Chart Pattern: Falling trendline break triggered quick selling through multiple support areas.
- Targets and Risks: Next support target is $16.50 area, with a possible deeper correction towards $16.00 if consolidation fails.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information see CoinDesk’s full AI policy.