Chainlink (LINK) Price News: Token Tumbles 4% as Selling Pressure Mounts
Chainlink's LINK token faced heightened volatility, tumbling 4% to a low of $21.30 amid significant selling pressure and surging trading volumes totaling nearly 2 million units. This decline marked a reversal of over 8% from Monday's local high. The Chainlink Reserve purchased an additional 45,729 LINK, yet is now underwater with an average cost basis of $22.44, showcasing the pressure faced by the token. Technical indicators reflect bearish momentum with resistance levels at $22.68 and $21.92, revealing weakening investor sentiment. The increase in selling from institutional investors contributed to LINK's drop, while the broader crypto market also showed weakness, as evidenced by the CoinDesk 20 Index. Overall, the trading range for LINK expanded with indications of ongoing volatility, as the token struggled against critical resistance thresholds.
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