Discernible dip between islands, one revealed in legend (12)

I believe the answer is:

identifiable

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'discernible' is the definition.
(thesaurus)

'dip between islands one revealed in legend' is the wordplay.
I cannot really see how this works, but
'dip' could be 'dent' and 'dent' is present in the answer.
'islands' could be 'ii' (an abbreviation for island written twice) and 'ii' is located in the leftover letters.
'one' could be 'i' (Roman numeral) and 'i' is located in the answer.
'legend' could be 'fable' (synonyms) and 'fable' is located in the remaining letters.
This accounts for all the letters.
This explanation may well be incorrect...

Can you help me to learn more?

(Another definition for identifiable that I've seen is " Recognisable".)

I've seen this clue in The Times.

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