$LINK is sitting at a critical decision point. At the moment, price is still holding a high-timeframe (HTF) support, aligning with what looks like a high-probability Wave 4 structure. As long as this level holds, the broader bullish structure technically remains intact.
However and this is important we are extremely close to a dangerous HTF close.
Key level to watch:
If LINK prints a HTF close below $5.48, downside momentum is likely to accelerate toward the $3 region.
If that scenario plays out, it would strongly suggest that the current structure is Wave 2, not Wave 4 meaning this cycle’s corrective phase is deeper than many expect.
My honest take:
I’d rather see the band-aid ripped off.
A clean flush to ~$3 would:
Finish the pain faster
Unlock deep value DCA zones
Set up a longer and stronger next bull market
Historically, markets that fully reset during Wave 2 tend to produce more explosive and sustained expansions later on, compared to shallow Wave 4/5 continuations.
Summary
Above $5.48 → Wave 4 still valid
Below $5.48 (HTF close) → Likely Wave 2 → $3 in play
Pain now = strength later
Patience here matters. This zone will define LINK’s entire next cycle.
