Chainlink (LINK) Price News: Drops 8% Despite 64K Token Buyback

Chainlink's native token, LINK, plunged 8% from $18.39 to $16.92, breaking below a descending trendline due to dominant institutional selling, which was confirmed by a surge in trading volume to nearly double the average. Despite this price drop, Chainlink secured a major partnership with Ondo Finance to provide price feeds for over 100 tokenized stocks and ETFs, utilizing its Cross-Chain Interoperability Protocol (CCIP). Furthermore, the Chainlink Reserve executed its largest token acquisition since August, buying back 64,445 LINK tokens using protocol revenue. Technically, LINK is consolidating below the $17 psychological level, with immediate resistance at $17.00 and the next support target seen around $16.50.

(Source：CoinDesk)