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.

Disclaimer: Parts of this article were generated with the assistance from 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.