10% Decline Amid Crypto Selloff; Rewards Season 1 Coming

Chainlink’s LINK token fell 10% on Monday, falling to its weakest price since the Oct. 10 flash crash that broke key support levels.

Trading activity spiked 674% above the 24-hour average at the height of the strike, with more than 12 million LINKs changing hands as the token fell from $16.21 to $15.02 in less than 30 minutes, CoinDesk Research’s technical model said.

The token underperformed the CoinDesk 5 index by more than 5.8%, signaling technical weakness in heavy volume.

CoinDesk Research’s model pointed to a failed rally earlier in the week and a lack of fresh catalysts as reasons for the move. LINK now faces critical support around $15.25, with a technical downside risk towards $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 that launched on November 11. The initiative will allow eligible LINK stakers to earn token rewards from new participating Chainlink BUILD projects, including Dolomite, Space and Time, Truf Network Linked Truflation and others, on Monday. blog post he said.

Participants can earn Cubes – non-transferable reward points – based on previous staking activity, which they can allocate to projects of their choice before rewards start unlocking in mid-December.

Key technical levels LINK traders should watch

• Support/Resistance: Immediate support at $15.25-15.30; resistance is found at $17.66
• Volume Analysis: Volume rose to 12.4 million tokens, up 674% from the daily average.
• Paper models: Breakdown confirmed with lower highs after failed breakout.
• Goals and Risk/Reward: If $16 fails to hold, the downside extends to $14.50; the recovery faces strong resistance at $20.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.