Oracle Network Chainlink’s native token Riding on critical support levels on Thursday as institutional selling dominated the session.
The token declined 8% from $18.39 to $16.92 in the past 24 hours, falling under a downward trend that contained recent price action, Coindesk Research’s market insight tool showed. Trading volume advanced to 3.94 million units during the initial breakdown, nearly double the average.
Recent hourly data shows the link trapped below $17 in a narrow consolidation range. Multiple attempts to recover the $17 psychological level failed as trading activity fell 58% below session peaks. Compression suggests that institutional buyers will remain absent despite extreme technical conditions.
On the news front, the real-world asset protocol Ondo Finance named ChainLink The provider of price feeds for over 100 tokenized stocks and ETFs. The service includes streaming data about corporate actions such as dividend payments to ensure accurate valuations across multiple blockchains. The collaboration also involves ChainLink’s cross-chain interoperability protocol (CCIP) and collaboration through the Ondo Global Market Alliance.
ChainLink Reserve, which uses protocol revenue from partnerships and services to purchase tokens on the open market, added Another 64,445 links to its stash on Thursday. That was the biggest nominal drawdown since early August, when the reserve began. It holds $11 million worth of links.
What traders should watch for:
- Support/Resistance: Immediate resistance at $17.00 psychological level, stronger resistance at $18.20 from failed recovery attempt.
- Volume Assessment: Exceptional 3.94 million unit volume during the breakdown of confirmed institutional sales.
- Chart patterns: Descending Trendline Break triggers accelerated selling through multiple support zones.
- Targets and Risks: Next Support Target $16.50 Zone, Potential Deeper Correction towards $16.00 If consolidation fails.
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.
