Chainlink’s LINK token has plummeted to its lowest price point since September 2024, trading at $9.1 amid intense selling pressure. Data reveals a substantial sell-off across spot and derivatives markets, with exchange inflows surging and futures open interest hitting a yearly low. The market exhibits clear seller dominance, pushing the token’s technical indicators into deeply oversold territory.
The price of Chainlink‘s LINK token dropped below $10, touching a low of $8.9. At press time, LINK traded at $9.1, reflecting a 7.9% daily decline and a 21% weekly drop.
This price action was driven by a massive sell-off, with sellers overwhelming the market. The seller’s strength climbed to 75 while the buyer’s strength dropped to a low of 25.
Sell Volume surged to 26.2 million compared to 22.2 million in buy volume. This created a negative delta of 4 million, further validating seller dominance.
On the spot market, over 3.8 million LINK flowed into exchanges over a short period. This aggressive spot dumping resulted in an Exchange Netflow of 1.4 million.
On the futures side, investors significantly reduced their exposure. Open Interest fell to a yearly low of $458 million, as CoinGlass data showed.
Derivatives Volume dropped 22% to $1.09 billion, reflecting massive capital outflows. Futures Netflow declined to -$6.49 million, indicating substantial futures selling.
The altcoin’s Relative Strength Index fell further into oversold territory at 20. This drop suggested strong seller dominance, accelerating the downward momentum.
Historically, combined selling pressure from both spot and futures market have accelerated downward pressure, prelude to a price drop. Continuation of the trend could push LINK below the $9 support level.
