Chain link LINK the token extended its slide on Thursday, falling nearly 5% over the past 24 hours and breaking below $14.50 as technical sellers overwhelmed buyers.
LINK fell from $15.26 to $14.73 during the day and then continued lower, marking its weakest level since late October, CoinDesk data showed. The token underperformed the CoinDesk 5 Index, which fell 3.7% over the past 24 hours.
Trading volume rose to 3.32 million tokens, about 118% above the daily average, during the breakdown, confirming a decisive rejection of the $15.00-$15.26 resistance range, CoinDesk Research’s technical analysis model said. A rapid three-wave liquidation cascade between 17:05 and 17:41 UTC saw more than 360,000 tokens traded in minutes, pushing LINK towards new support near $14.40 as bearish momentum accelerated.
Even with the drop, onchain data continues to show protocol accumulation. The Chainlink Reserve bought an additional 74,049 LINK on Thursday, bringing the total holding over 800,000 tokens, according to the reserve’s dashboard. Its average acquisition price is close to $20, leaving the reserve about 27% underwater.
With LINK slipping below $14.50, traders now face a narrower window of risk: loss of the $14.40-$14.50 zone could open up space towards $14.20, while retrieving $15.00 remains the threshold to stabilize short-term momentum.
Key technical levels to watch
- Support/Resistance: $14.40–$14.50 acts as immediate support; resistance sits at $15.00 and $15.26.
- Volume analysis: Split volume rose 118% above average, signaling institutionally driven selling pressure.
- Chart Patterns: Clear trendline break confirms a bearish reversal from recent highs.
- Objectives and risk/reward: Holding $14.40 keeps the downside contained at $14.20; recovery requires a move above $15.26.
Disclaimer: Portions of this article were generated using AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
