Chainlink LINK Price Falls 8% Below Key Support Level Despite Major Token Buyback

Chainlink's native cryptocurrency LINK has experienced a significant 8% price decline, falling below crucial support levels despite the platform executing its largest token buyback since August. This substantial repurchase initiative, typically viewed as a positive fundamental development, has failed to prevent the downward price pressure. The market reaction suggests that broader bearish sentiment and selling pressure are currently outweighing the positive impact of the buyback program. Technical analysis indicates LINK is now trading in challenging territory as it seeks to establish new support levels amid ongoing market volatility.