LINK Token Drops 2.8% to $22.4 Amidst Market Pressure
The native token of Chainlink, LINK, has experienced a decline despite recent positive developments.
Key points include:
- LINK dropped 2.8% in the last 24 hours to $22.4.
- It is down 15% from its peak of $27 on August 22.
- Recent highlights include being selected by the U.S. government for blockchain publishing of economic data and Bitwise's filing for a LINK ETF.
- LINK had a strong August with a 37% increase but has pulled back along with the broader crypto market since mid-August.
- The Chainlink Reserve purchased 43,937 LINK recently, totaling 237,014 tokens worth $5.5 million since its launch in early August.
Technical analysis
- LINK shows bearish patterns with lower highs and lows amid market consolidation.
- Support levels are around $22.28-$22.32.
- Resistance is noted at $23.10-$23.16.