The native token of the oracle network Chainlink fell sharply on Friday, falling nearly 9% to $16.46, its weakest price since last Friday’s crypto crash.
The pullback came amid concentrated selling pressure, particularly between 6:00 and 8:00 AM ET on Friday, CoinDesk Research’s analysis model noted. A brief rebound late in the session saw LINK up modestly by 0.4% in the last hour, but not enough to offset earlier losses.
Despite the sharp drop, corporate interest in LINK appeared to be stable. Caliber Corporation (CWD), a Nasdaq-listed real estate investment trust, on Thursday disclosed a $2 million LINK acquisition. The acquisition brought Caliber’s total LINK count to 562,535, worth about $9.2 million in current prices.
Meanwhile, Chainlink Reserve added another 59,969 LINK to its holdings, bringing its holdings to 523,159 tokens. But with an average cost basis of $21.98, the stock remains deeply underwater, down more than 34% from its entry point.
On the technology front, Chainlink advanced its product roadmap with the launch of Data Streams on MegaETH, a high-speed blockchain optimized for real-time applications. The integration enables smart contracts to access live market data with sub-second latency, supporting DeFi use cases such as perpetual barter and stablecoins with centralized exchange-level speed.
Technical analysis breakdown:
- Chainlink experienced a significant sell-off, falling from $18.07 to $16.46, representing a significant sell-off of 9% with a total trading range of $2.25.
- Critical institutional support emerged in the $15.72-$15.82 zone with strong volume confirmation, while resistance formed at $17.43 with multiple rejections throughout the trading session.
- LINK established a new support level around $16.30-$16.35 as potential re-entry strategies.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
