Chainlink Stakes Future on $11.22 Support Amid Fed Rate Hike Fears

Chainlink's LINK token is facing a crucial test at $11.22 after a sharp reversal erased early gains and pushed it towards multi-day lows.

The selloff came as renewed expectations for a September Federal Reserve rate hike, revived by former Fed governor Kevin Warsh, rippled through risk assets and amplified the heavy session in digital currencies.

LINK initially showed strength overnight, reaching $12.06 before buyers failed to hold the advance. Sellers took control throughout the trading day, dragging LINK to fresh 24-hour lows near $11.31.

A late-day market flush added further pressure, leaving the token hovering just above a critical support level that traders consider essential for the near-term structure.