Nice, pleasant design. First priority in a sprite of this scale is visual clarity, & this sprite is quite good in that regard, but could be enhanced further.
My interpretation of the head-area is continuously flipping between the intended hair, & a Commander Keen style helmet - this could probably be fixed by tapering the hair on the sides down a little.
The torso area is a little too busy. Personally, I think when you find you are representing entire details, such as the open-neck shirt, with single pixels, it's time to either simplify your design or increase your image resolution.
Sort of subjective, but if you're trying to adhere to the Link's Awakening style more fully, here's something to consider.
The Link sprite uses a consolidated color palette effectively ... if the developer's had been free of color restrictions, they probably wouldn't have chosen a skin tone for the highlights of the fabric, or a green to AA the skin into the black outlines (!), but it would have lost it's distinctive charm as a consequence.