The analyst is not convinced that Chainlink has formed its low, indicating the risk of further decline remains high unless the market breaks above the initial resistance levels, specifically between $15.06 and $16.76, which is defined as the micro-resistance area on the chart. He suggests there isn't much room left to the downside, considering that the $13.30 level, representing the 78.6% retracement of the last rally, serves as the last reliable support for Wave 2. Although Chainlink is currently holding above this level, the analyst expresses the need for a setup to the upside, including a break above resistance, to become more positive about the potential bottoming of the asset.