Chainlink’s LINK token fell 10% on Monday, plunging to its weakest price since the October 10 flash crash breaking down key support levels.
Trading activity spiked 674% above the 24-hour average at the height of the breakdown, with over 12 million LINK changing hands as the token dropped from $16.21 to $15.02 in under 30 minutes, CoinDesk Research’s technical model said.
The token underperformed the CoinDesk 5 index by more than 5.8%, signaling technical weakness amid heavy volume.
The CoinDesk Research model pointed to a failed breakout earlier in the week and lack of fresh catalysts as reasons for the move. LINK now faces critical support around $15.25, with technical downside risk toward $14.50 if buyers fail to stabilize the current range.
Chainlink news
The selloff came as Chainlink unveiled “Rewards Season 1,” a new incentive program launching on November 11. The initiative will allow eligible LINK stakers to earn token rewards from nine participating Chainlink BUILD projects, including Dolomite, Space and Time, Truflation-linked Truf Network and others, the Monday blog post said.
Participants can earn Cubes — non-transferable reward points — based on prior staking activity, which they can allocate to projects of their choice before rewards begin unlocking in mid-December.
Key technical levels LINK traders should watch
- Support/Resistance: Immediate support at $15.25–15.30; resistance sits at $17.66
- Volume Analysis: Volume peaked at 12.4 million tokens, up 674% from the daily average.
- Chart Patterns: Breakdown confirmed with lower highs following failed breakout.
- Targets & Risk/Reward: If $16 fails to hold, downside extends to $14.50; recovery faces strong resistance at $20.