Chainlink (LINK) Defends Critical $20 Support as Institutions Deploy $5 Million During Market Dip

Chainlink LINK News - Chainlink's native token dropped to a six-week low of $19.95 before establishing strong support at the psychologically important $20 level. This decline occurred even as institutional investors allocated $5 million across separate accumulation strategies during the selloff. Caliber Wealth Management increased its digital asset treasury position with a $4 million LINK acquisition, bringing total holdings to $10 million. Concurrently, the chainlink Reserve mechanism removed 47,903 tokens (worth $1 million) from circulation using protocol-generated revenue—part of a $7.5 million buyback program that began in August. Technical analysts indicate that the $20.57 level now functions as a crucial resistance cluster. Thursday's 5% intraday swing from $21.16 to $19.95, followed by a recovery to $20.26, suggests bulls are protecting key levels, with potential reversal signals emerging.