Chainlink Price Faces Make-or-Break Moment as Whale Selling Intensifies

The price of Chainlink (LINK) has been fluctuating around the $6 support zone for nearly 17 months, and many are wondering if history will repeat itself or break entirely. After a powerful rally that peaked near $30, the token has now slipped below its 200-day EMA and fallen under the $10 mark.

Despite this decline, Chainlink's underlying ecosystem remains fundamentally sound, with no signs of deteriorating network conditions. However, the pressure on LINK is coming from how it is being distributed across different wallet cohorts rather than from any fundamental issues.

A closer look at supply distribution shows that wallets holding between 10 and 10,000 LINK declined sharply in early August, while addresses holding 10,000 to 100,000 LINK also moved lower. At the same time, the 100,000 to 1 million LINK cohort continued absorbing supply.

The technical setup leaves two possible paths for the LINK price: either it revisits the familiar $6 support area and recovers, or it extends its decline further, potentially reaching as low as $4 based on current assumptions.