Chainlink Price Dips Below $10 as Whale Selling Intensifies

The Chainlink token price has been slipping below its 200-day EMA and falling under the $10 mark, raising questions about whether it will repeat a familiar pattern.

A nearly 17-month consolidation around the $6 support zone was eventually followed by a powerful rally that peaked near $30, but this cycle has now run its course.

The token touched $7 at the end of June, and the question is whether history will repeat itself or break entirely.

Despite LINK price weakness, Chainlink's underlying ecosystem remains fundamentally sound, with no signs of deteriorating network conditions.

However, supply distribution shows a shift in early August, with wallets holding between 10 and 10,000 LINK declining sharply, while larger holders have continued reducing exposure.