The native token of the Oracle Network Chainlink encountered the significant institutional sales pressure during the 24-hour trade session and tumbled at its weakest price of more than a week.
Link tumbled 4% to a session low at $ 21.30, turning over 8% from Monday’s local high, Coindesk data showing. The fall happened in line with weakness at the wider crypto market. Coindesk 20 index, a benchmark for the wider market, was also down to the same amount.
Meanwhile, Chainlink Reserve, a facility that buys the symbol of the open market using revenue from protocol integrations and services, held its weekly habit and bought another 45,729 link to a value of almost $ 1 million Thursday. The reserve currently has almost $ 10 million worth of tokens.
However, Thursday’s decline meant that the vehicle is now underwater with link trading under the average cost basis of $ 22.44, the dashboard shows.
Key technical indicators
Coindesk Research’s technical model pointed out Bearish Momentum and emphasized the debilitating investor mood.
- The token trade area is expanded to $ 1.05, representing 5% volatility between the session low at $ 21.53 and top of $ 22.68.
- Technical resistance is materialized at the $ 22.68 level, with the token turning the course on unusually heavy volume of 1,981,247 units.
- Additional resistance formed at the $ 21.92 level.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
