Chainlink is sliding despite next week’s LINK ETF launch, with price down 53% and exchange reserves collapsing to multi-year lows. A bearish head-and-shoulders pattern now puts $10—and possibly $8—in sight.

Chainlink’s LINK token has weakened sharply even as the market awaits Grayscale’s planned launch of a U.S. spot Chainlink ETF next week. Recent reporting says LINK has fallen to around $12–$13, roughly 53% below its September peak, while exchange-held supply has dropped to multi-year lows as more tokens leave exchanges and Chainlink’s strategic reserves continue to build. The key tension in the story is that a major access catalyst—an ETF that could broaden institutional demand—has not yet translated into price strength. Technical analysts cited in the reports say LINK has formed a bearish head-and-shoulders pattern near the neckline, with price also below longer-term trend indicators, which they argue leaves $10 as the next downside target and, if that breaks, $8 as a possible deeper support area.

✨ AI-generated background, compiled from web sources — not editorial content.

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• ETF
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