Chainlink (LINKUSD) remains under pressure as the corrective structure from the highs continues to unfold. However, the current Elliott Wave structure suggests that LINK could be approaching the final stages of a larger correction, with price potentially completing the final subwave 5 of a wedge pattern within wave (C) of an extended (A)(B)(C) corrective decline in wave C.
The 7–6 support area remains the key zone to watch, as this region could provide the foundation for a larger recovery if buyers step in. If the wedge pattern is completed, the next major move could be a recovery into wave D, which may develop over the coming months and potentially target the upper boundary of the larger triangle structure.
At this stage, confirmation is still needed before calling for a major bottom. The first meaningful signal that support is holding would come with a breakout above the upper wedge resistance and the 10 level, suggesting that the final wave 5 decline may be complete and a new recovery phase is beginning.
Until then, further downside into the 7–6 support zone remains possible, especially if the broader crypto market sees additional weakness. However, from a bigger-picture perspective, LINK is approaching an important technical area where a completed correction could create the foundation for a larger wave D recovery.
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