The native token of oracle network Chainlink (LINK) 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.

Meanwhile, the Chainlink Reserve, 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.

Key technical indicators

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.
• Additional resistance formed at the $21.92 level.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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