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Chainlink Drops, Then Bounces 4% as FOMC Volatility Drives Crypto Market

Chainlink’s LINK token fell to $17.96 on Wednesday after breaking the $18 support level, with volume spiking 26% above its weekly average and a 178% surge in the 24‑hour token flow. The sell‑off was quickly reversed, and the price recovered to $18.40, delivering a roughly 4% gain over the past 24 hours as broader crypto markets steadied following Jerome Powell’s slightly hawkish remarks. Whale wallets have withdrawn about $188 million of LINK from exchanges since early October, indicating long‑term accumulation despite short‑term volatility. Technical analysis points to a critical support zone at $17.60 and resistance near $18.50‑$18.80, with the token’s ability to hold above $18 seen as a bellwether for further upside.