Chainlink (LINK) has dropped below the crucial $16 support level, marking a significant shift in its trading dynamics. Previously, 53.87 million LINK tokens were accumulated at this price point. The recent decline has redirected focus to a new cost basis range between $12.47 and $12.57, where 9.58 million tokens are now concentrated. This development is being closely watched by analysts, as the movement of tokens to this lower range could influence future price trends. The asset's current trading below $16 is the first occurrence since mid-year, raising questions about potential support levels and market sentiment moving forward.