Chainlink Drops 10% Amid Crypto Selloff; New Rewards Program Unveiled

Why It Matters

The sharp price decline underscores LINK’s sensitivity to broader crypto market weakness and could dampen staking demand, while the rewards program is designed to deepen ecosystem participation and support the token’s long‑term value proposition.

Summary

Chainlink’s LINK token slumped more than 10% on Monday, sinking to $15—the weakest level since the October 10 flash crash—and broke key support around $15.25 as trading volume surged 674% to over 12 million tokens in a 30‑minute window. CoinDesk’s technical model flags further downside risk to $14.50 if the $16 level does not hold, while resistance sits near $17.66. Concurrently, Chainlink unveiled “Rewards Season 1,” a new incentive scheme launching Nov 11 that will distribute non‑transferable “Cubes” to eligible stakers across nine BUILD projects, with rewards unlocking in mid‑December.