Chainlink's native cryptocurrency LINK experienced significant institutional selling pressure during the 24-hour trading period, dropping to its lowest price level in over a week. According to CoinDesk market data, LINK declined 4% to reach a session low of $21.30, reversing more than 8% from Monday's local peak. This downward movement aligned with broader cryptocurrency market weakness, as the CoinDesk 20 Index also fell by approximately the same percentage.
Despite the market downturn, the Chainlink Reserve maintained its weekly purchasing routine, acquiring an additional 45,729 LINK tokens valued at nearly $1 million on Thursday. The reserve currently holds tokens worth approximately $10 million. However, Thursday's price decline placed the reserve in a negative position, with LINK trading below the average cost basis of $22.44 according to dashboard metrics.
Technical Analysis Indicators
CoinDesk Research's technical model identified bearish momentum, reflecting deteriorating investor confidence. Key technical observations include:
- Expanded trading range reaching $1.05, indicating 5% volatility between session lows of $21.53 and highs of $22.68
- Strong technical resistance established at the $22.68 level, where price reversal occurred with substantial volume of 1,981,247 units
- Additional resistance formation at the $21.92 price level
Disclaimer: Portions of this content were generated using AI tools and underwent editorial review to ensure accuracy and compliance with our standards. For complete details, refer to CoinDesk's comprehensive AI Policy.