Chainlink Price Dips Below $12 After Whale Deposits $26M

A significant Chainlink wallet deposited over $26 million in LINK tokens to Coinbase throughout the past month, raising questions about potential selling pressure. The 2.41 million LINK tokens were initially acquired via Binance and transferred gradually over multiple weeks.

Despite this large exchange deposit, the LINK token price has not seen a significant drop yet. However, it has declined below its critical $12 support threshold and currently hovers around $11.80.

On-chain metrics reveal underlying network strength. Active addresses have maintained 66% of their gains achieved in late August, with a current level of 4,821. This retention is approximately two-thirds of the initial surge.