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Chainlink (LINK) Drops 8% Despite 64K Token Buyback

Chainlink's token LINK fell 8% to $16.92, dipping below the crucial $17 support level as institutional selling intensified, despite its largest token buyback since August. Trading volume surged to 3.94 million units amid the drop, indicating significant market activity. The decline comes even as Chainlink announced a partnership with Ondo Finance to provide data feeds for over 100 tokenized stocks and ETFs, enhancing its utility in real-world applications. The Link token's price had fluctuated with prior resistance at $17.00 and a stronger one at $18.20. The next support target for LINK is projected at the $16.50 zone, with potential for further decline if the price fails to consolidate. With a noteworthy 64,445 LINK tokens bought back, the Chainlink Reserve's total holdings now exceed $11 million, showcasing its commitment to maintaining token value amidst market turmoil.

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