Chainlink Oracle Network Native Token fell through critical support levels on Thursday as institutional selling dominated the session.
The token declined 8% from $18.39 to $16.92 in the last 24 hours, falling below a descending trend line that contained the recent price action, CoinDesk’s market analysis tool showed. Trading volume increased to 3.94 million units during the initial breakdown, almost double the average.
Recent hourly data shows LINK trapped below $17 in a tight consolidation range. Multiple attempts to reclaim the $17 psychological level failed as trading activity fell 58% below session peaks. The compression suggests that institutional buyers remain absent despite the development of oversold technical conditions.
On the news front, real-world asset protocol Ondo Finance named Chainlink as a price information provider for over 100 tokenized stocks and ETFs. The service includes streaming data on corporate actions, such as dividend payments, to ensure accurate valuations across multiple blockchains. The partnership also involves Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and collaborations through the Ondo Global Market Alliance.
Chainlink Reserve, which uses protocol revenue from partnerships and services to purchase tokens on the open market, added another 64,445 LINK to its reserve on Thursday. This is the largest nominal acquisition since early August, when booking began. He now owns LINK worth $11 million.
What traders should keep in mind:
- Support/Resistance: Immediate resistance at the psychological level of $17.00, stronger resistance at $18.20 due to the failed recovery attempt.
- Volume Analysis: An exceptional volume of 3.94 million units during the breakdown confirmed institutional selling.
- Chart Patterns: The breakout of the descending trend line triggered accelerated selling across multiple support zones.
- Targets and risks: Next support target in the $16.50 area, possible deeper correction towards $16.00 if consolidation fails.
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.
