Chainlink’s LINK token fell 10% on Monday, falling to its weakest price since the Oct. 10 flash crash that broke key support levels.
Trading activity soared 674% above the 24-hour average at the height of the crash, with more than 12 million LINK changing hands as the token fell from $16.21 to $15.02 in less than 30 minutes, according to CoinDesk Research’s technical model.
The token underperformed the CoinDesk 5 index by more than 5.8%, indicating technical weakness amid heavy volume.
CoinDesk Research’s model pointed to a failed breakout earlier in the week and a lack of new catalysts as reasons for the move. LINK now faces critical support around $15.25, with a technical risk to the downside towards $14.50 if buyers fail to stabilize the current range.
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The sell-off came as Chainlink introduced “Rewards Season 1,” a new incentive program launching on November 11. The initiative will allow eligible LINK participants to earn token rewards from nine participating Chainlink BUILD projects, including Dolomite, Space and Time, Truflation-linked Truf Network and others, according to Monday’s blog post.
Participants can earn Cubes (non-transferable reward points) based on their previous participation activity, which they can assign to projects of their choice before rewards begin unlocking in mid-December.
Key Technical Levels LINK Traders Should Keep in Mind
- Support/Resistance: Immediate support between $15.25 and $15.30; resistance is at $17.66
- Volume analysis: Volume peaked at 12.4 million tokens, 674% higher than the daily average.
- Chart Patterns: Breakout confirmed with lower highs after failed breakout.
- Objectives and risk/reward: If $16 is not maintained, the fall extends to $14.50; The recovery faces strong resistance at $20.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
