Plunges 5% as Sellers Dominate. Can It Reclaim $15?

Chainlink’s LINK LINK$14.43 token extended its slide during Thursday, dropping nearly 5% over the past 24 hours and breaking below $14.50 as technical sellers overpowered buyers.

LINK fell from $15.26 to $14.73 during the day, then continued lower, marking its weakest level since late October, CoinDesk data showed. The token underperformed the CoinDesk 5 Index, which declined 3.7% over the past 24 hours.

Trading volume surged to 3.32 million tokens, some 118% above the daily average, during the breakdown, confirming a decisive rejection of the $15.00–$15.26 resistance range, CoinDesk Research’s technical analysis model said. A rapid three‑wave liquidation cascade between 17:05 and 17:41 UTC saw more than 360,000 tokens trade in minutes, pushing LINK toward new support near $14.40 as bearish momentum accelerated.

Even with the decline, onchain data shows continued protocol accumulation. The Chainlink Reserve purchased another 74,049 LINK on Thursday, lifting total holdings above 800,000 tokens, according to the reserve’s dashboard. Its average acquisition cost sits near $20, leaving the reserve roughly 27% underwater.

With LINK slipping under $14.50, traders now face a tighter risk window: losing the $14.40–$14.50 zone could open room toward $14.20, while reclaiming $15.00 remains the threshold for stabilizing short‑term momentum.

Key technical levels to watch

• Support/Resistance: $14.40–$14.50 acts as immediate support; resistance sits at $15.00 and $15.26.
• Volume Analysis: Breakdown volume surged 118% above average, signaling institutional‑driven sell pressure.
• Chart Patterns: Clear trendline break confirms bearish reversal from recent highs.
• Targets & Risk/Reward: Holding $14.40 keeps downside contained to $14.20; recovery requires a move above $15.26.

Disclaimer: Parts of this article were generated with the assistance of 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.