$LINK is showing the kind of move where a sharp rejection resets the structure quickly. After tapping 9.60, price sold off aggressively and is now stabilizing near the 9.25–9.30 zone. Short-term trend has shifted bearish, with resistance now sitting around 9.40–9.50, while support is being tested near the recent low. Current structure looks more like a pause after a strong downside push than a confirmed reversal.
What stands out is how sellers had clear control on the drop, but follow-through has slowed as price compresses near support. That often hints at early absorption, though buyers haven’t shown strength yet. Right now, it’s about whether this base holds. Continuation lower confirms if 9.25 breaks cleanly with acceptance. If price reclaims 9.40 and starts holding above it, that would suggest the selloff was more of a liquidity sweep than sustained downside.