cpeditor
Chainlink’s native token (LINK) faced increased volatility Thursday as institutional selling intensified, pushing the token to its lowest level in over a week.
LINK fell 4% to a session low of $21.30, reversing more than 8% from Monday’s local high, according to CoinDesk data. The decline mirrored weakness in the broader crypto market, with the CoinDesk 20 Index also down roughly the same amount.
Despite the sell-off, the Chainlink Reserve — a facility that buys LINK using revenue from protocol integrations — continued its weekly purchases, adding 45,729 LINK worth nearly $1 million. The reserve now holds close to $10 million in tokens. However, Thursday’s drop placed the reserve below its average cost basis of $22.44.
Technical Overview
CoinDesk Research’s technical model signaled bearish momentum, reflecting weakening investor sentiment.
LINK’s trading range widened to $1.05, showing 5% volatility between a session low of $21.53 and a high of $22.68. Resistance emerged at $22.68, where heavy volume of 1,981,247 units coincided with a price reversal, while additional resistance formed at $21.92.
