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 dropped 4% to $21.30, reversing more than 8% from Monday’s local high, according to CoinDesk data. The decline reflected broader market weakness, with the CoinDesk 20 Index also falling by a similar margin.
The Chainlink Reserve — which buys LINK using revenue from protocol integrations — continued its weekly purchases, adding 45,729 LINK valued at nearly $1 million. The reserve now holds close to $10 million in tokens, though Thursday’s dip placed LINK below its average cost basis of $22.44.
Technical Analysis
CoinDesk Research flagged bearish momentum, signaling weakening investor sentiment. LINK’s trading range widened to $1.05, showing 5% intraday volatility between a low of $21.53 and a high of $22.68. Resistance levels appeared at $22.68, where exceptionally heavy volume of 1,981,247 units coincided with a price reversal, and at $21.92.
