Chainlink (LINK) Price News: Token Tumbles 4% as Selling Pressure Mounts
Chainlink's native token, LINK, experienced a notable decline, dropping 4% to its lowest price in over a week amid significant institutional selling pressure and heightened trading volumes. The token's current price fell to $21.30, reversing more than 8% from its local high earlier in the week. Despite the Chainlink Reserve making additional purchases of 45,729 LINK, the token now trades below the reserve's average cost basis of $22.44, indicating a challenging market. Technical analysis reveals bearish momentum with resistance levels identified at $22.68 and $21.92, showcasing a broader trend of weakening investor sentiment across the crypto market, which reflected similar downtrends. The overall crypto market, tracked by the CoinDesk 20 Index, also saw comparable declines, suggesting a systemic issue affecting various cryptocurrencies during this volatile trading period.
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