Chainlink Loses 15% From August Peak Despite $5.5M Removal From Reserve

Chainlink’s LINK token has come under sustained 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, marking a 15% decline from its August 22 peak of $27, even as the U.S. government leveraged Chainlink to publish economic data and Bitwise filed for a LINK ETF.

The token’s retracement follows a 37% rally in August, one of the strongest among major cryptocurrencies, aligning with broader market weakness since mid-month.

Chainlink Reserve Activity
The Chainlink Reserve, which removes tokens from circulation via weekly purchases, added 43,937 LINK on Thursday. Since early August, the reserve has acquired 237,014 LINK, valued at $5.5 million at current prices.

Technical Overview

• LINK has formed lower highs and lower lows, indicating persistent bearish momentum.
• Support is established at $22.28–$22.32, while resistance sits around $23.10–$23.16.
• Overall crypto consolidation continues to weigh on LINK’s short-term price action.

Despite ongoing reserve purchases, LINK remains under pressure, highlighting the impact of broader market trends on the token’s trajectory.