The @chainlink [LINK] is facing a critical test as its price struggles to hold key support levels amid a broader crypto market downturn. After breaking the $24 support level due to a bearish change of character (CHoCH), #LINK is now testing the $22 zone, which is crucial to prevent a drop below $20. A failure to hold this level could lead to further declines, potentially testing $18.

Despite a 103% spike in transaction count over the last 24 hours, weekly inflows have dropped by 53%, signaling waning interest or consolidation. Market sentiment shows a divergence: retail investors remain moderately bullish, while professional traders are bearish, which could indicate continued downward pressure.

The broader market decline is influenced by factors like the upcoming U.S. FOMCA meeting, falling U.S. stock futures, and panic selling. LINK’s short-term trajectory will depend on its ability to defend key support levels. A recovery above $22 could reignite bullish momentum, but failure to hold may exacerbate the bearish trend. The coming days will be pivotal for Chainlink’s price action.