LINK Extends Losses, Down 8% Below Support Despite Chainlink’s $Buyback Program Revival

Analytical Tone

LINK Breaks Support as Market Weakness Outpaces Fundamentals

Chainlink’s LINK fell 8% to $16.92 on Thursday, succumbing to broad market weakness even as its ecosystem expanded with a new partnership from Ondo Finance. The sell-off pushed prices through a key descending trendline, with nearly 4 million tokens traded—signaling institutional participation in the downturn.

Although on-chain and technical indicators show oversold conditions, LINK’s repeated rejections near $17 suggest that institutional demand remains sidelined. Intraday volume collapsed by 58%, confirming short-term exhaustion.

On the development front, Ondo Finance will use Chainlink’s oracles and CCIP to power price feeds for over 100 tokenized equities and ETFs, enabling real-time corporate action data such as dividend updates.

Adding a bullish offset, the Chainlink Reserve accumulated 64,445 LINK, marking its largest buyback since August. The reserve now holds $11 million in LINK, reflecting growing network revenue streams.

Technical picture: LINK faces stiff resistance near $17–$18.20. Support levels rest at $16.50 and $16.00, where a failure to consolidate could trigger further losses.