Chainlink’s LINK Falls to 6-Week Low Amid Market Weakness
The native token of Chainlink (LINK) has declined to its lowest price since early August, reflecting broader market weakness.
- Price Decline: LINK fell below $20 several times, dropping around 4% in the last 24 hours and nearly 28% since August highs.
- Institutional Investment: Caliber (CWD) acquired an additional $4 million in LINK, increasing its total holdings to $10 million.
- Chainlink Reserve Activity: The Chainlink Reserve purchased nearly 47,903 LINK worth close to $1 million, totaling over 370,000 tokens ($7.5 million) since August.
- Technical Analysis: Despite the decline, LINK shows potential for a rebound if it can overcome resistance around $20.57, with buyers defending the $20 level.
Market Context:
- Crypto Volatility: LINK's price movement reflects broader cryptocurrency volatility, as Bitcoin and major altcoins also experienced declines.
- Trading Volume: Over 5 million units traded during the decline, suggesting institutional interest, followed by recovery due to continuous buying.
- Support and Resistance: Key support zones lie between $19.95-$20.00; resistance is at $20.57, with intermediate levels at $20.30-$20.35.
- Momentum: Bullish indicators suggest potential sustained upward momentum.