Chainlink (LINK) is currently trading around $20.31, having recently dipped to a six-week low below $20, down approximately 4% in the last 24 hours and nearly 28% from August highs. The token is consolidating within a symmetrical triangle pattern that has been developing for nearly four years, indicating a potential major price movement. Technical indicators show bearish momentum in the short term, with the MACD below the signal line and the Relative Vigor Index (RVI) at 43.88, signaling weak demand.
Despite the decline, institutional buying activity provides support. Wealth management firm Caliber purchased an additional $4 million in LINK, bringing its total holdings to $10 million, while the Chainlink Reserve bought nearly 47,903 tokens (worth about $1 million), accumulating over 370,000 tokens since its August launch. Support is firm at $20, with resistance near $20.57; a breakout above $29 could trigger long-term targets of $32, $53, or $100. Market capitalization stands at $13.8 billion with a trading volume of $1.19 billion, reflecting healthy liquidity.
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