Chainlink (LINK) has been facing intense bearish pressure, resulting in a 4.56% price correction over the past day. The cryptocurrency's critical support level of $13.275 has been breached, indicating heightened selling pressure. Despite a bullish rebound in the oversold range, LINK's price remains vulnerable to market volatility.

The Chainlink token has experienced a significant decline, losing 7.01% over the last seven days and 11% in the past 30 days. Its year-to-date (YTD) return stands at -17.18%, emphasizing the strong bearish influence on its market performance.

The altcoin's price has formed a channel pattern in the 4-hour time frame, and its support trendline is currently being tested.If the bulls regain momentum and push the price above the resistance level of $13.275, they may target the upper resistance level of $15.050 within this month.

However, if the bears continue to dominate the market, the Chainlink price may experience a significant decline, potentially plunging towards its crucial support level of $11.775. The outcome of this test will significantly impact LINK's future price action.