Chainlink’s LINK token continues to face selling pressure as Bitcoin, Ethereum, and the broader crypto market consolidate, according to CoinDesk Research.
Over the past 24 hours, LINK fell 2.8% to $22.40, trading 15% below its August 22 peak of $27, even as the U.S. government tapped Chainlink to publish economic data and Bitwise filed for a LINK ETF.
The token’s pullback comes after a 37% rally in August, coinciding with broader market weakness since mid-month.
Chainlink Reserve Activity
The Chainlink Reserve, which removes tokens from circulation through weekly purchases, acquired 43,937 LINK on Thursday. Since early August, the mechanism has bought 237,014 LINK, totaling $5.5 million at current prices.
Technical Snapshot
- LINK has formed lower highs and lower lows, signaling ongoing bearish momentum.
- Key support is at $22.28–$22.32, while resistance sits at $23.10–$23.16.
- Broader crypto consolidation continues to weigh on LINK’s near-term price movement.
Even with reserve purchases, LINK remains under pressure, reflecting the influence of overall market trends on its price.
