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

Chainlink's LINK plummeted 8% to $16.92, breaking the critical $17 support level amidst significant institutional selling, with trading volume surging 98% during this drop. The Chainlink Reserve, which uses revenue from partnerships to buy back tokens, made its largest acquisition since August by purchasing over 64,000 LINK tokens, amounting to an $11 million investment. Despite this buyback and a rising adoption through a partnership with Ondo Finance for data feeds related to tokenized assets, LINK's price fell sharply. Attempts to reclaim the $17 level failed, highlighting the absence of institutional buyers. Market dynamics suggest further declines are possible, with the next support levels hovering around $16.50 and potentially deeper corrections towards $16.00 if current trends persist. The overall market remains weak, steering the price of cryptocurrencies downward, affecting LINK particularly hard as it encounters severe selling pressure.

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