Chainlink Slides Below $14.50 as Selling Pressure Mounts, Reserve Adds 74K LINK
Chainlink’s LINK token extended its decline on Thursday, dropping nearly 5% over 24 hours to trade below $14.50, as technical selling overwhelmed buyers.
LINK fell from an intraday high of $15.26 to a low near $14.73, marking its weakest level since late October. The token lagged the broader CoinDesk 5 Index, which dropped 3.7% during the same period.
Trading volume surged to 3.32 million tokens—roughly 118% above the daily average—confirming strong selling pressure. A rapid three-wave liquidation between 17:05 and 17:41 UTC saw more than 360,000 tokens change hands in minutes, pushing LINK toward support near $14.40 and highlighting bearish momentum.
Despite the pullback, the Chainlink Reserve continued accumulating. The protocol purchased 74,049 LINK on Thursday, raising total holdings above 800,000 tokens. With an average acquisition cost near $20, the Reserve remains about 27% underwater.
Analysts note that LINK now faces a critical short-term threshold: maintaining support around $14.40–$14.50 is essential to contain further downside, while reclaiming $15.00 is necessary to stabilize momentum. A break below $14.40 could expose $14.20 as the next support level.
Technical Snapshot:
- Support/Resistance: Immediate support at $14.40–$14.50; resistance at $15.00–$15.26
- Volume: 118% above average, confirming sell-side pressure
- Chart Patterns: Trendline break indicates bearish continuation
- Next Targets: Downside to $14.20 if support fails; upside capped at $15.26
