Chainlink (LINK) remains under downward pressure, with descending trendlines still intact and traders watching the $11.80 support area alongside potential lower price zones.

Two possible corrective paths place November 5 on the calendar as market participants assess whether LINK could slide toward lower support. Exchange data shows Binance leading LINK open interest and trading volume, while BingX records the highest futures trade count in the displayed figures.

Persistent Downtrend on the LINK Chart

Analyst Nology (@nology3000) noted that LINK's first corrective wave appeared complete. A subsequent chart shared by the same account on X maps two possible paths for the next corrective phase, both of which retain a downward bias, with November 5 marked as an important date.

The 4-hour chart shows LINK eroding from its late September highs around $15.60. Lower highs and lower lows have since defined the price pattern, and multiple descending trendlines complicate any attempt to sustain a recovery.

LINK has been trading around $11.51, down 4.68% over the past 24 hours. The token has fallen 4.98% over the past week, with daily trading volume of $201.6 million. These figures accompany a market structure that has yet to show a confirmed reversal.

The nearest reference area sits around $11.80–$11.90, where price has recently traded. A sustained hold could support another attempt to recover lost ground, while a break below this area would leave LINK exposed to lower support levels.

November 5 Frames Two Possible Paths

The chart uses Elliott Wave labels to map the next corrective section. The projections allow for different routes, although both feature a possible move lower. The wave count is not a definite forecast.

The first major resistance level is $12.40. Above it, LINK faces another barrier between $13.20 and $13.50. Reclaiming these zones would weaken the current bearish structure and challenge the descending trendlines.

If support fails, the $11.20 region becomes an intermediate reference. Further weakness could bring $10.80–$11.00 into focus before another possible reaction. These levels serve as checkpoints rather than confirmed destinations.

The lower projection zone sits around $9.80–$10.00, near a blue horizontal support band on the chart. Reaching it would require a further decline from current levels. A rebound before November 5, however, could alter the timing or invalidate the projected path altogether.

Trading Activity Adds Context to LINK's Move

The longer-term chart shows LINK's earlier rallies coinciding with bursts of trading volume. One advance carried the token toward $30, while a later rise approached $25. Both moves eventually faded, followed by extended periods of weaker prices.

The recent recovery lifted LINK from its prolonged range around $7–$10. Price advanced into September before retreating again, leaving the broader recovery incomplete. The historical chart also shows reduced activity during quieter periods.

Exchange figures compiled by Coinglass place Binance first in LINK open interest at approximately $102.54 million. Gate follows with $95.16 million, while Bybit records $66.35 million. These totals show where futures positions are concentrated but do not reveal traders' overall directional bias.

Binance also leads reported LINK volume with roughly $93.36 million. MEXC follows at $47.41 million, while Bybit records $28.98 million. On trade counts, Binance registers 443,010 futures trades, while BingX leads with 1.21 million.

These rankings are based on different elements of market activity and are not interchangeable. Open interest refers to outstanding contracts, volume measures the traded value of contracts, and trade count reflects the number of contracts traded. None of these metrics independently confirms whether LINK's next move will be bullish or bearish.

For now, the price structure remains weak beneath descending resistance. The $11.80 area may permit a recovery attempt, but a failure there could expose lower zones. November 5 features in the projection, though price action itself will determine whether that scenario unfolds.

Source: Cryptofrontnews