Chainlink's Price Tumbles Towards $11.22 Support Amid Rate Hike Worries

Chainlink's LINK token is facing a critical test of its support level at $11.22, after a sharp 24-hour reversal erased early gains and pushed the asset towards multi-day lows.

The selloff was triggered by renewed expectations for a September Federal Reserve rate hike, revived by former Fed governor Kevin Warsh, which rippled through risk assets and amplified an already heavy session in digital currencies.

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

A late-day market flush added further pressure, leaving the token hovering just above the critical support level of $11.22.