LINK price falls to key support near $16.5 despite institutional interest
Chainlink’s native token, LINK, fell sharply by nearly 9% over the past 24 hours, erasing recent gains and signaling renewed bearish momentum. The decline comes as on-chain data shows intense selling pressure across retail and short-term holders, overshadowing a reported $2 million accumulation by Caliber Digital Fund, an institutional investment firm focused on blockchain assets.
At the time of writing, LINK is trading around $16.65, hovering just above a critical demand zone between $15.8 and $16.4, as shown in technical charts. The level has previously acted as a major support base during LINK’s recovery phase earlier this year.
Key technical zones define next move
The daily chart shows LINK has broken below the $18.5 support, turning it into immediate resistance. A sustained move above this level could open the way toward the $21 region, where heavy sell orders remain concentrated. Conversely, a breakdown below $16 could expose LINK to deeper retracement toward $14.2 or even $12.8, areas marked by historical accumulation.
“Chainlink is at a make-or-break level. The $16 zone has held multiple times this year, but the structure now favors bears unless volume rebounds,” said BITX senior market strategist .
He added that while institutional inflows from Caliber signal long-term confidence, “short-term price action remains dictated by spot market volatility and broader crypto sentiment.”
Volume surge hints at capitulation
Trading volume on Binance spiked by over 480,000 LINK, indicating panic selling as traders rushed to exit positions after failing to hold the $18 threshold. Analysts note that such volume spikes near support often precede short-term bounces, though confirmation is needed via higher lows on the 4-hour chart.
For now, LINK’s next decisive move depends on whether buyers can defend the $16 support band. A rebound from this zone could reignite bullish interest — but a breakdown could mark the start of a deeper corrective phase heading into November.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.