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

Chainlink's token LINK fell 8% to $16.92, breaking the crucial $17 support level amid heightened institutional selling, which saw trading volume soar to 3.94 million units, nearly double the average. Despite this downturn, the Chainlink Reserve announced its largest token buyback since August, acquiring 64,445 LINK to maintain a total worth of $11 million. The drop came despite positive developments, including a partnership with Ondo Finance, which utilizes Chainlink's price feeds for over 100 tokenized equities and ETFs. However, LINK is currently trapped below the psychological barrier of $17, with multiple attempts to re-establish this level unsuccessful, indicating a lack of buying interest from institutions. Analysts suggest that the next target for support is around $16.50, with potential for further decline to the $16.00 zone if conditions do not improve. The market sentiment remains cautious as LINK experiences technical oversold conditions without substantial buyer support.

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