Chainlink’s LINK token continues to face downward pressure amid consolidation in Bitcoin, Ethereum, and the broader crypto market, according to CoinDesk Research.
LINK dropped 2.8% over the past 24 hours to $22.40, trading 15% below its August 22 high of $27, despite positive developments, including the U.S. government leveraging Chainlink to publish economic data and Bitwise filing for a LINK ETF.
The pullback follows a 37% rally in August, one of the strongest among major cryptocurrencies, coinciding with market-wide weakness since mid-month.
Chainlink Reserve Updates
The Chainlink Reserve, which buys and removes LINK from circulation weekly, acquired 43,937 tokens on Thursday. Since early August, the reserve has purchased 237,014 LINK, totaling $5.5 million at current prices.
Technical Overview
- LINK is forming lower highs and lower lows, reflecting continued bearish momentum.
- Support: $22.28–$22.32 | Resistance: $23.10–$23.16.
- Market consolidation across crypto continues to pressure LINK’s short-term price action.
Despite reserve activity, LINK remains under selling pressure, showing that broader market trends remain the dominant influence.
