Chainlink (CRYPTO:LINK) is currently showing signs of a potential 21% correction, indicated by the formation of a bearish reversal head and shoulder pattern on its price chart.

Investor participation has declined by 44% over the past two weeks, suggesting waning interest in the cryptocurrency.

The Relative Strength Index (RSI) is in the bearish zone, further indicating susceptibility to a steep correction.

If Chainlink's price sustains a close below the neckline at $17.85, it could trigger a downturn to $14.02.

However, a significant accumulation of LINK tokens between $15.56 and $17.48 may provide support, potentially halting the decline.