Chainlink’s native token (LINK) faced increased volatility Thursday, dropping to its lowest level in over a week as institutional selling intensified.
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 broader market weakness, with the CoinDesk 20 Index showing a similar pullback.
The Chainlink Reserve, which 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, though LINK traded below its average cost basis of $22.44 following Thursday’s drop.
Technical Analysis
CoinDesk Research highlighted bearish momentum, reflecting weakening investor sentiment. LINK’s trading range expanded to $1.05, showing 5% intraday volatility between $21.53 and $22.68. Resistance appeared at $22.68, coinciding with heavy volume of 1,981,247 units, with additional resistance at $21.92.
