Chainlink Price at Risk of Revisiting $6 Support Amid Whale Selling
Chainlink's price has been on a downward trend since touching $7 at the end of June, and it may be heading towards another retest as whale selling clouds its outlook.
The token slipped below its 200-day EMA and fell under the $10 mark, although Chainlink's on-chain fundamentals and DeFi adoption signals remain relatively resilient.
Early August supply distribution shows a decline in wallets holding between 10 and 10,000 LINK, while addresses holding 100,000 to 1 million LINK continue to absorb supply. However, larger holders have been reducing their exposure since reaching their peak in May 2026.
The technical setup leaves two possible paths for the LINK price: a retest of the $6 support area or an extension of its decline towards $4 if selling pressure intensifies.