Core Insights - The LINK token of Chainlink has fallen below $12, driven by a broader pullback in the crypto market despite anticipation for its U.S. spot ETF debut [1] - The token experienced a decline of over 11% in the past 24 hours, indicating a bearish technical outlook [1] Market Reactions - Grayscale's plan to convert its closed-end LINK trust into an ETF structure has not positively impacted the token's price, with trading potentially starting this week on NYSE Arca [2] - Traders are prioritizing technical breakdowns over regulatory developments, as evidenced by a significant volume spike to 7.14 million LINK, approximately 280% above the daily average, which contributed to the price drop below the $13.00 support level [3] Technical Analysis - The price of LINK slid to $11.94, establishing a bearish pattern of successive lower highs and confirming downside pressure [3] - Immediate support is now at $11.87, with resistance at $12.26, the previous breakdown point [7] - The analysis indicates a potential further decline targeting the $11.70–$11.80 range, with November lows at $11.39 as the next level to monitor [7]