Chainlink’s LINK Drops 4% Amid Institutional Selling Pressure
The native token of Chainlink, LINK, experienced significant institutional selling pressure, dropping 4% to $21.30. This represents an over 8% decline from Monday's high, aligned with the broader crypto market's downturn. The CoinDesk 20 Index reflected a similar decrease.
The Chainlink Reserve purchased 45,729 LINK, approximately $1 million, maintaining its weekly buying pattern. However, with the recent price drop, the reserve is now below its average cost basis of $22.44.
Key Technical Indicators
- The trading range expanded to $1.05, indicating 5% volatility between the low of $21.53 and high of $22.68.
- Technical resistance was identified at $22.68 with heavy volume trading of 1,981,247 units.
- Additional resistance was noted at $21.92.