Chainlink Price at Risk of Another Rebound as Whale Selling Intensifies

The Chainlink (LINK) price has been consolidating around the $6 support zone for nearly 17 months, similar to its previous cycle that peaked near $30. After touching $7 at the end of June, the question remains whether history will repeat itself or break entirely.

Chainlink's underlying ecosystem remains fundamentally sound, with no signs of deteriorating network conditions. However, supply distribution shows a noticeable shift in early August, with wallet cohorts holding between 10 and 10,000 LINK declining sharply, while addresses holding 10,000 to 100,000 LINK also moved lower.

The much larger 1 million to 10 million LINK cohort has remained volatile and has been declining since reaching its peak in May. This suggests larger holders have continued reducing exposure even while mid-sized holders accumulated.