Chainlink LINK Tests Critical $20 Support Amid Institutional Accumulation

Chainlink LINK News - Chainlink's native token LINK has dropped to its lowest level since early August, declining nearly 28% from recent highs as broader cryptocurrency market sentiment remains fragile. The oracle network's token repeatedly tested the $20 support level overnight, with intraday fluctuations between $19.95 and $21.16 highlighting intense battle between bullish and bearish forces. Despite the downward pressure, institutional accumulation continues steadily. Wealth management firm Caliber added $4 million to its LINK treasury this week, bringing total holdings to $10 million. Simultaneously, the Chainlink Reserve purchased another 47,903 tokens ($1 million) as part of its ongoing supply absorption program - now totaling $7.5 million since August. Technical analysts identify the $20 level as a critical psychological support zone. A decisive break above the $20.57 resistance level could confirm a trend reversal, though LINK remains vulnerable to broader market conditions. The token's volatility reflects both persistent bearish pressure and growing institutional confidence in its long-term value proposition.