Chainlink's Token Takes a Tumble, But Big Players Stay Interested

Market Turmoil

Chainlink's token, LINK, experienced a significant drop on Friday, plunging nearly 9% to its lowest price in a week. The steepest decline occurred between 6 and 8 AM, with a minor recovery later that failed to offset the earlier losses.

Institutional Interest Persists

Despite the downturn, major players continue to accumulate LINK:

• Caliber Corporation, a real estate firm, purchased $2 million worth of LINK, bringing their total holdings to 560,000 tokens (valued at approximately $9.2 million).
• The Chainlink Reserve also added more tokens but remains under water on their investment.

Technological Advancements

Chainlink made strides on the technical front:

• Launched Data Streams on MegaETH, a high-speed blockchain.
• Enables smart contracts to access live market data instantly.
• Applications include trading and stablecoins.

Price Analysis

• Price Drop: From $18.07 to $16.46.
• Support Levels: Strong support between $15.72 and $15.82.
• Resistance: $17.43.
• New Support: Potentially forming around $16.30 to $16.35.