Will Chainlink Price Extend Its Correction Below $12? Chart Pattern Offers Insight

Amid the recent market sell-off, the Chainlink price witnessed a notable reversal from the $16 psychological level. This new lower high formation in the daily chart indicates the sellers are still dominating the price movement and have plunged the asset to $13.7, registering a weekly loss of 14.4%. If the supply pressure persists, the LINK price could retest the multi-month support at $11.8, indicating the potential of a bullish reversal.