- The Chainlink price correction gave a decisive breakdown from the support trendline of a falling wedge pattern, signalling a risk of prolonged correction ahead..
- A broader U.S. stock market sell-off erased more than $1 trillion in value.
- The relative strength index at 29% indicates an oversold state in LINK, which bolsters its potential for temporary rebound and replenishes exhausted bearish momentum.
LINK, the native cryptocurrency of the decentralized Oracle network, jumps nearly 1% to reach its current trading value $8.25. The uptick counters the broader market pullback as tech stocks witnessed a notable sell-off during Thursday’s U.S. market hours. Chainlink’s resilience above the $8 support gained additional traction; its reserve program continues to accumulate more LINK tokens every month, suggesting strong conviction in LINK’s long-term growth.
LINK Gains 1% as Reserve Crosses 2 Million Tokens
On February 13th, the overall crypto market witnessed a sharp pullback of over 2% to reach $2.2 trillion. Subsequently, the Bitcoin price 2.3% to $65,869, while the Ethereum coin dives 1.67% to trade at $1,923.
Today’s downticks align with a notable sell-off in the U.S. stock market which collectively recorded a loss of over $1 trillion in market value. According to market data, the tech stocks took the most brutal hit as Apple plunged -5.27% and Nvidia slipped -1.15%.
Defying this momentum, the Chainlink price is up nearly 1% on Thursday to currently trade at $8.29. The rise was accompanied by a new influx into the project’s dedicated reserve, which added 135,693 LINK via on-chain transactions.
The total stash of the reserve is now 2,035,363.55 LINK, which was purchased at an average price of $15.25 per token. At current market prices this holding is valued approximately at $16.8 million.
This is the second such buildup in February alone. The mechanism is powered by two main sources: on-chain protocol activity through fees collected from major companies that use the oracle services of Chainlink, as well as off-chain activity through earnings made by major companies, which integrate the oracle services of Chainlink.
By recycling these revenues back into the purchase of LINK, the reserve acts as a mechanism to support the network’s long-term infrastructure and viability, independent of price volatility in the short-term
Chainlink Price Correction Eyes Next Support at $7 Mark
On February 5th, the Chainlink price gave a decisive breakdown from the support trendline of a falling wedge pattern. Since August 2025, the coin price witnessed a steady downward trend within this pattern and therefore the recent breakdown marks an accelerated selling pressure in market
As the broader crypto market witnessed a slowdown in bearish momentum, the Chainlink price is currently hovering above the $8 support level. This temporary halt acts as relief consolidation for crypto sellers to recoup the exhausted bearish momentum in price.
The momentum indicators RSI in its current oversold state of 29% accentuate the need for short pullback and recuperate bearish momentum for next dip. Thus, with sustained selling, the LINK price could plunge another 14.13% to test the support level at $7.18.
On the contrary, if the coin price recovers the lost support trendline of wedge patterns with an upside breakout, the buyers could strengthen their grip over this asset for a renewed recovery attempt.
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