Chainlink's native token, LINK, experienced a 4% drop to its lowest price in over a week due to significant selling pressure and broader crypto market weakness. Despite the Chainlink Reserve's continued token purchases, technical indicators point towards bearish momentum and weakening investor sentiment. Heavy trading volumes, exceeding 1.9 million units, were observed during the volatile trading session.
" Chainlink tumbles 2% amid heavy institutional selling and surging trading volumes hitting nearly 2 million units during a volatile October trading session." Chainlink 's native token, LINK, fell 4% to its lowest price in over a week amid significant selling pressure.
The Chainlink Reserve purchased another 45,729 LINK, but the token's price drop left the reserve underwater with a cost basis of $22.44. Technical indicators show bearish momentum with resistance levels at $22.68 and $21.92, highlighting weakening investor sentiment.encountered substantial institutional selling pressure over the 24-hour trading session, tumbling to its weakest price in more than a week. LINK tumbled 4% to a session low of $21.30, reversing over 8% from Monday's local high, CoinDesk data shows. The decline happened in line with weakness in the broader crypto market. The CoinDesk 20 Index, a benchmark for that broader market market, was also down around the same amount., a facility that purchases tokens on the open market using income from protocol integrations and services, kept its weekly habit, buying another 45,729 LINK worth nearly $1 million on Thursday. The reserve currently holds nearly $10 million worth of tokens. Thursday's decline, however, meant that the vehicle is now underwater with LINK trading below the average cost basis of $22.44, the dashboard shows. CoinDesk Research's technical model pointed out bearish momentum, underscoring the weakening investor sentiment. The token's trading range expanded to $1.05, representing 5% volatility between the session low of $21.53 and peak of $22.68. Technical resistance materialized at the $22.68 level, where the token reversed course on exceptionally heavy volume of 1,981,247 units.Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025 Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platform3 hours ago
Chainlink LINK Price Drop Institutional Selling Bearish Sentiment
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