- The Chainlink price is poised for another 10% drop before challenging the bottom support of $7.7.
- A Solana-based Drift protocol exploit led to a loss of roughly $285 million.
- Chainlink Reserve accumulated another 137,007 LINK (worth approximately $1.17 million) to its bag, indicating high conviction in the asset’s long-term potential.
LINK, the native cryptocurrency of the decentralized Oracle network, Chainlink, is down 3.5% on Thursday, to currently trade at $8.62 mark. The move aligns with a broader risk-off rotation away from altcoins following the significant hacks on a Solana-based DeFi protocol. While the falling Chainlink price signals the continuation of its near-term sideways trend, a substantial accumulation from its reverse protocol signals a high conviction for LINK’s potential recovery.
Chainlink Adds $1.17M LINK Despite Market Weakness
On April 2nd, the crypto market witnessed a notable downtick of 2.2%, which pulled its market cap to $2.3 trillion. Escalating U.S.-Iran tension significantly weighed on market sentiment, despite Donald Trump’s claim that the ongoing war coming to end, but offered no concrete plan to reopen the Strait of Hormuz.
In addition, the selling pressure in the altcoin market accelerated further as a Solana-based drift protocol suffered a security breach, resulting in the theft of approximately $285 million in digital assets. The move triggered capital outflow from the broader DeFi sector and major altcoins like LINK.
In the latest update, Chainlink added 137,004 LINK tokens to its reserve fund, which amounted to more than $1.17 million. This adds up to approximately 2.93 million LINK, which is currently worth about 25.2 million.
The mean cost of purchase of the accrued tokens is $13.35 per LINK.
The reserve has two key sources: the fees paid by large companies that utilize Chainlink services outside of the blockchain, and the fees paid on the network when Chainlink is actively used.
These inflows are meant to accumulate the fund constantly. The mechanism is expected to enhance the entire ecosystem with a gradual rise in the quantity of LINK reserves.
Chainlink Price Nearing Bearish Breakdown from $7.7 Floor
Over the past two weeks, the Chainlink price showcased a bearish reversal from the $10 psychological level to the current trading value of $8.2, registering a loss of roughly 15%. This pullback displayed with a series of lower highs and lower lows formations, with a sufficient surge in trading volume indicating sustained selling pressure in the market.
If the current momentum persists, the Chainlink price could plunge another 10% and retest the bottom trendline of the current consolidation trend at $7.77. Since February 2026, the LINK price has been actively resonating between the $10 and $7.7 mark, creating a short-term consolidation in price.
A sharp downtick in daily exponential moving averages (100 and 200), accentuating the broader market sentiment, is bearish.
A bearish breakdown below the bottom below the aforementioned support could further accelerate the selling pressure and push Chainlink price to $0.7 immediate support of $0.7, followed by a deeper dive towards $6.5.
On the contrary, if the buyers manage to defend the $7.7 line, the ongoing Chainlink price consolidation could be prolonged.
Source: https://www.cryptonewsz.com/chainlink-price-falls-3-5-as-altcoin/