LINK Falls 8%, Breaking Support Even After Chainlink’s Largest Buyback in Months

Technical Analyst Commentary

Chainlink’s LINK Slips Under Pressure, Trendline Break Points to $16 Test

Chainlink’s LINK extended losses Thursday, falling 8% to $16.92 after breaching a critical descending trendline that has capped price action for weeks. The sell-off, accompanied by 3.94 million units in trading volume, underscored institutional-led distribution.

LINK remains confined below $17, where multiple intraday recoveries failed amid a 58% drop in volume—a sign of buyer fatigue. Oversold signals are forming, but conviction among large traders appears limited.

Fundamentally, the backdrop remains positive. Ondo Finance has integrated Chainlink’s oracle network and CCIP to support price feeds for tokenized equities, expanding RWA infrastructure. Additionally, the Chainlink Reserve executed its largest token purchase since August, acquiring 64,445 LINK to lift holdings to roughly $11 million.

Outlook: Failure to reclaim $17.00 keeps bears in control, with potential downside toward $16.50–$16.00 before stabilization. A breakout above $18.20 would be the first sign of recovery.