Chainlink’s native token, LINK, continued to face downward pressure as Bitcoin, Ethereum, and the broader crypto market remain in a consolidation phase, according to CoinDesk Research.
LINK slipped 2.8% over 24 hours to $22.40, trading 15% below its August 22 high of $27, despite positive developments such as the U.S. government using 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, aligning with a broader market slowdown since mid-August.
Chainlink Reserve Activity
The Chainlink Reserve, designed to reduce circulating supply by weekly token purchases, acquired 43,937 LINK on Thursday. Since launching in early August, the mechanism has bought 237,014 LINK, valued at $5.5 million at current prices.
Technical Outlook
- LINK is forming lower highs and lower lows, reflecting ongoing bearish momentum.
- Support sits at $22.28–$22.32, with resistance around $23.10–$23.16.
- Continued market consolidation is weighing on LINK’s near-term price action.
Despite reserve purchases, LINK remains under pressure, emphasizing that broader crypto trends continue to influence its price trajectory.
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