Chainlink’s LINK token is facing a decisive technical test at $11.22 after a sharp 24-hour reversal erased early gains and pushed the asset toward multi-day lows. The selloff came as renewed expectations for a September Federal Reserve rate hike, revived by former Fed governor Kevin Warsh, rippled through risk assets and amplified an already heavy session in digital currencies.

The cryptocurrency initially showed strength overnight, tagging $12.06 before buyers failed to hold the advance. Sellers took control through most of the trading day, dragging LINK to fresh 24-hour lows near $11.31. A late-day market flush added further pressure, leaving the token hovering just above a support level that traders consider critical for the…