Chainlink’s LINK token fell 10% on Monday, falling to its weakest price since the Oct. 10 flash crash that broke key support levels.
Trading activity surged 674% over its 24-hour average at the height of the crash, with over 12 million LINK changing hands as the token fell from $16.21 to $15.02 in less than 30 minutes, CoinDesk Research’s technical model said.
The token underperformed the CoinDesk 5 Index by more than 5.8%, signaling technical weakness amid heavy volume.
The CoinDesk Research model pointed to a failed breakout earlier this week and a lack of fresh catalysts as reasons for the move. LINK now faces critical support around $15.25, with technical downside risk towards $14.50 if buyers fail to stabilize the current range.
Chainlink news
The sale came as Chainlink unveiled “Rewards Season 1,” a new incentive program that launched on November 11. The initiative will allow eligible LINK actors to earn token rewards from nine participating Chainlink BUILD projects, including Dolomite, Space and Time, Truflation-linked Truf Network and others, Monday’s blog post said.
Participants can earn dice – non-transferable reward points – based on past stake activity, which they can allocate to projects of their choice before rewards start unlocking in mid-December.
Important Technical Levels LINK Traders Should Watch
- Support/Resistance: Instant Support at $15.25–15.30; resistance sits at $17.66
- Volume analysis: Volume peaked at 12.4 million tokens, a 674% increase from the daily average.
- Chart Patterns: Collapse confirmed with lower highs after failed breakout.
- Objectives and risk/reward: If $16 doesn’t hold, downside extends to $14.50; recovery faces strong resistance at $20.
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.
