The native token of oracle network Chainlink (LINK) encountered substantial institutional selling pressure over the 24-hour trading session, tumbling to its weakest price in more than a week.

LINK tumbled 4% to a session low of $21.30, reversing over 8% from Monday's local high, CoinDesk data shows. The decline happened in line with weakness in the broader crypto market. The CoinDesk 20 Index, a benchmark for that broader market market, was also down around the same amount.

Meanwhile, the Chainlink Reserve, a facility that purchases tokens on the open market using income from protocol integrations and services, kept its weekly habit, buying another 45,729 LINK worth nearly $1 million on Thursday. The reserve currently holds nearly $10 million worth of tokens.

Thursday's decline, however

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