Chainlink’s native token link It recovered to $18.40 in Wednesday’s session, reversing losses from a sharp intraday selloff that saw the price fall below the key $18 support level.
A sudden volume spike of 4.59 million tokens—178% above the 24-hour average—confirmed the breakdown as sellers overpowered short-term support levels. The token briefly rallied between $17.80 and $18.30 before buyers walked away later in the day, Coindesk Research’s market outlook tool suggests.
The rebound coincided with broader crypto markets stabilizing after a slightly hawkish speech by federal reserve chairman Jerome Powell, which saw Bitcoin Short dip below $110,000.
The link is up almost 4% in the last 24 hours.
What entrepreneurs should watch
Despite the downside move, the underlying accumulation trends remain in play. Since early October, approximately $ 188 million worth of links have been acquired on whale wallet exchanges, indicating strategic long-term positioning. However, recent price swings show that nearby resistance near $18.60 continues to trigger profit-taking, muddying the short-term outlook.
Volume rose 26% above the seven-day average as traders responded to increased volatility. The sharp price drop occurred in the 60-minute window between $18.03 and $17.96, extending a bearish pattern that seems to have exhausted itself close to the session. Volume was very light in the final trading hours on a possible slowdown in institutional selling.
For now, Link’s ability to hold above $18 will be a major signal. A sustained move higher could push the token back towards the $19 level, but failure to hold the line could expose the downside towards the $17.60 support floor.
Main levels of technical integration level
- Support/Resistance: Critical support established at $17.60 with immediate resistance at $18.50-$18.80.
- Volume Analysis: 26% Surge above the weekly average confirms the legitimacy of the breakdown, although reduced activity suggests a pause in selling.
- Chart patterns: Consolidation range between $17.80-$18.30 following initial break through $18.00.
- Targets and Risk/Reward: Reclaiming the $18 level opens the $18.50-$18.80 Resistance Zone, while failure to hold $17.60 could extend the decline towards $17.00.
Disclaimer: Parts of this article were generated with help from 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.
