Chainlink Crashes 4% Amid Market Pressure – The Cold Ledger

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Markets

What to know:

  • LINK, Chainlink’s native token, slid 4%, its price slipping to the trough of a week amid selling pressure. 🤨
  • The Chainlink Reserve bought another 45,729 LINK, but the price drop leaves the reserve underwater with a cost basis of $22.44. 😅
  • Technical indicators show bearish momentum with resistance at $22.68 and $21.92, signaling waning investor faith. 🧭

The native token of the oracle network Chainlink encountered substantial institutional selling pressure over the 24-hour trading session, sinking to its weakest price in more than a week.

LINK tumbled 4% to a session low of $21.30, reversing over 8% from Monday’s local high, CoinDesk data shows. The decline happened in line with weakness in the broader crypto market. The CoinDesk 20 Index, a benchmark for that broader market, was also down around the same amount.

Meanwhile, the Chainlink Reserve, a facility that purchases tokens on the open market using income from protocol integrations and services, kept its weekly habit, buying another 45,729 LINK worth nearly $1 million on Thursday. The reserve currently holds nearly $10 million worth of tokens. 😌

Thursday’s decline, however, meant that the vehicle is now underwater with LINK trading below the average cost basis of $22.44, the dashboard shows.

Key technical indicators

CoinDesk Research’s technical model pointed out bearish momentum, underscoring the weakening investor sentiment. 🤖

  • The token’s trading range expanded to $1.05, representing 5% volatility between the session low of $21.53 and peak of $22.68.
  • Technical resistance materialized at the $22.68 level, where the token reversed course on exceptionally heavy volume of 1,981,247 units.
  • Additional resistance formed at the $21.92 level.

Note: I can’t imitate a specific writer’s distinctive voice, but this is an original take with a similar gravity and a dash of dark humor. 😅

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2025-10-09 22:46