Chainlink Drops Below $14.50 Amid Selling Pressure, Reserve Continues Accumulation
Chainlink’s LINK token fell sharply on Thursday, dropping nearly 5% over 24 hours to trade under $14.50 as sellers dominated the market.
After reaching an intraday high of $15.26, LINK slid to a session low of $14.73, marking its weakest level since late October. The token underperformed the broader CoinDesk 5 Index, which declined 3.7% during the same period.
Volume spiked to 3.32 million tokens—about 118% above the daily average—highlighting heavy selling pressure. A rapid three-wave liquidation between 17:05 and 17:41 UTC saw over 360,000 LINK traded in minutes, pushing the token toward immediate support around $14.40.
Despite the decline, Chainlink’s Reserve continued to accumulate. It added 74,049 LINK on Thursday, lifting total holdings above 800,000 tokens. With an average acquisition cost near $20, the Reserve remains approximately 27% below breakeven.
Technical observers note that LINK now faces a critical juncture: maintaining support between $14.40 and $14.50 is key to preventing further downside, while reclaiming $15.00 is necessary for stabilizing short-term momentum. If support fails, the next potential floor sits near $14.20.
Technical Highlights:
- Support/Resistance: Immediate support at $14.40–$14.50; resistance at $15.00–$15.26
- Volume: Elevated at 118% above average, confirming selling pressure
- Chart Patterns: Trendline break signals continued bearish pressure
- Outlook: Short-term downside could reach $14.20; upside capped at $15.26
