Chainlink Token LINK Dips 4% Amid Heightened Market Pressure

Chainlink’s native token (LINK) fell sharply Thursday amid heightened institutional selling, marking its lowest level in over a week.

LINK dropped 4% to $21.30, reversing more than 8% from Monday’s local high, according to CoinDesk data. The decline mirrored weakness across the broader crypto market, with the CoinDesk 20 Index falling by a similar margin.

Despite the sell-off, the Chainlink Reserve — a facility that purchases LINK using revenue from protocol integrations — continued its weekly support, buying 45,729 LINK worth nearly $1 million. The reserve now holds roughly $10 million in tokens, though Thursday’s dip placed LINK below its average cost basis of $22.44.

Technical Overview
CoinDesk Research highlighted bearish momentum, indicating weakening investor sentiment. LINK’s trading range expanded to $1.05, showing 5% intraday volatility between $21.53 and $22.68. Resistance emerged at $22.68, coinciding with heavy volume of 1,981,247 units, with additional resistance at $21.92.