Market Report Style
Chainlink’s LINK Falls 8% as Institutional Selling Overwhelms Despite Growing Ondo Partnership
Chainlink’s token LINK ($17.38) slid 8% on Thursday, breaking key support levels as heavy institutional selling swept through the crypto market. The drop from $18.39 to $16.92 marked a decisive breach below a descending trendline, CoinDesk Research data showed, with trading volume surging to 3.94 million units—almost double its average.
Despite oversold signals, LINK remains pinned below $17, where repeated recovery attempts have failed amid declining participation. Hourly data revealed activity falling 58% from intraday peaks, underscoring a lack of institutional accumulation.
Meanwhile, adoption momentum continues. Ondo Finance selected Chainlink to deliver price feeds for over 100 tokenized stocks and ETFs, incorporating data on dividend actions via Chainlink’s CCIP. The partnership expands both firms’ roles in real-world asset tokenization through the Ondo Global Market Alliance.
The Chainlink Reserve—the protocol’s buyback arm—added 64,445 LINK to holdings, its largest purchase since August, bringing its total to roughly $11 million.
Outlook: Resistance at $17.00, stronger at $18.20. Supports lie near $16.50 and $16.00, with momentum indicators suggesting continued volatility ahead.
