Chainlink (LINK) is facing downward pressure, trading below the $23 mark. Trading volume has surged over 94%, reflecting heightened activity and uncertainty in the market. The broader crypto market saw a 3.22% decrease in value, reaching $3.8 trillion. This downturn echoes sentiments of a neutral market, according to the Fear and Greed Index, at 47. While major assets like Bitcoin and Ethereum also experienced losses, Chainlink’s decline hints at a potential downtrend. After fluctuating between highs and lows throughout the day, LINK currently trades around $23.56, with its market cap standing at $15.89 billion. Daily trading volume has skyrocketed over 94.13% to reach $2.9 billion. Coinglass data reveals a significant liquidation of $7.06 million in LINK during this period. Can Chainlink reverse its current trajectory? Analysts speculate that if the price continues to decline towards the key support level at $23.50, the bearish sentiment might intensify and push prices down further to near $23.44 or even lower.