Chainlink (LINK), the native token of the decentralized oracle network of the same name, could be set for another corrective leg lower if wave B has topped, placing the $11.90 support level under renewed technical scrutiny. In an analysis shared on X, More Crypto Online suggested that the token's corrective structure points toward the $10.30–$11.30 support zone should selling pressure overcome the initial support level.

Attention is also on derivatives positioning across major exchanges: Gate leads LINK open interest, Binance dominates reported trading volume, and BingX records the highest number of futures trades among the venues tracked.

Wave B Completion Raises Downside Concerns

Chainlink is showing early signs of a bearish turn on the four-hour chart, a timeframe commonly used to assess short-term market structure. More Crypto Online suggested that wave (B) may have already topped — an interpretation that raises the possibility of another downward leg within the broader corrective structure.

LINK recently pulled back from a peak near $15, printing a sequence of lower highs and lower lows. The latest chart places the price around $12.61, below the marked retracement region, a position that brings the $11.90 support level into focus.

Under Elliott wave theory — a framework that maps price swings into recurring wave patterns — wave B typically unfolds as a short-term recovery within a larger correction. If that wave has indeed ended, a wave C decline could extend the downtrend. The scenario, however, remains subject to further confirmation from price action.

Fibonacci Levels Define Resistance and Support

A series of Fibonacci retracement levels — ratios derived from the Fibonacci sequence that technical analysts use to outline potential reversal areas — sits above the current price, offering reference points for any rebound. The 38.2% level is near $13.80 and the 50% level around $14.03, while the 61.8% mark at approximately $14.24 serves as another guide in the event of a recovery. Higher retracements at 78.6% (about $14.89) and 88.7% (about $15.29) would represent broader resistance should LINK move back up, though their presence does not guarantee prices will reach those areas.

On the downside, $11.90 stands as the first key structural reference. If a decisive break occurs, the highlighted $10.30–$11.30 support zone could come into play, with additional markers near $10.70 and $10.30 within that range.

Derivatives Activity Provides Market Context

Derivatives data from Coinglass shows how activity is distributed across exchanges by open interest, trading volume, and futures trade count. Gate holds the largest LINK open interest at roughly $118.13 million, followed by Binance at $111.84 million and Bybit at $73.08 million. Binance leads reported volume with about $189.47 million, ahead of MEXC at $131.15 million. Meanwhile, BingX has recorded approximately 1.22 million futures trades, surpassing Binance's 777,010.

The disparities illustrate how exposure, traded volume, and transaction frequency vary by platform. On their own, however, the derivatives figures are not sufficient to confirm the bearish wave formation. Open interest measures outstanding contracts volume counts contracts traded during the reporting period, and the number of trades reflects deal frequency — not the direction of traders' positions.

Price action therefore remains the main factor in assessing the potential wave C scenario. A break below $11.90 would reinforce the case for the lower support area, while a recovery above $13.80 would put the immediate bearish interpretation under strain and warrant a reassessment.

For now, Chainlink sits at a crossroads between a corrective extension and a recovery. The $11.90 level and the broader $10.30–$11.30 support zone serve as the primary downside references, and the structure's next phase depends on whether LINK breaks down through support or climbs back through overhead resistance.