Chainlink [LINK] was trading at $23.48 at the time of writing, with a 24-hour trading volume of $729.94 million. The price has declined 1.89% in the past 24 hours and 9.29% over the past week, placing the token near the 0.382 Fibonacci retracement level at $22.85.

This level has emerged as a crucial support zone, where buyers appear to be stepping in to prevent further declines.
Technical analysis shows that holding above this level could provide a base for an upward movement. A potential rebound could push LINK toward the 0.5 Fibonacci level at $23.90, serving as an intermediate resistance.
Beyond this, the 0.618 Fibonacci retracement level at $25.00 could act as a key zone for trend reversals or breakouts.
Support and resistance levels define the next move the current consolidation near $22.85 suggests this support is critical for LINK’s short-term price action.
A breakdown below this zone could see the token testing lower support near $22.00, where historical buying activity has been observed.