Chainlink’s native token, LINK, has faced ongoing bearish pressure as Bitcoin, Ethereum, and the broader crypto market consolidate, according to CoinDesk Research.

Over the past 24 hours, LINK declined 2.8% to $22.40, marking a 15% drop from its August 22 high of $27, despite a series of positive developments. These include the U.S. government leveraging Chainlink to publish economic data on-chain and Bitwise filing for a LINK ETF.

The token’s pullback follows a 37% surge in August, one of the strongest among major cryptocurrencies, mirroring the wider market’s retreat since mid-August.

Chainlink Reserve Activity
The Chainlink Reserve, designed to remove tokens from circulation and reduce supply, purchased 43,937 LINK on Thursday, bringing total acquisitions since early August to 237,014 LINK—valued at $5.5 million at current prices.

Technical Overview

• LINK has formed lower highs and lower lows, reflecting persistent bearish momentum.
• Support is located near $22.28–$22.32, while resistance backed by strong volume sits around $23.10–$23.16.
• CoinDesk Research notes that the broader crypto consolidation continues to weigh on LINK’s price action.

Despite ongoing reserve purchases, LINK remains under pressure, highlighting the challenges of sustaining momentum during broader market consolidation.