Chainlink Price Slumps Below $10 as Whale Selling Intensifies
The Chainlink (LINK) price has been stuck in a consolidation phase for nearly 17 months, oscillating around the $6 support zone. However, after reaching a peak of around $30, the token is now facing selling pressure and has fallen below its 200-day EMA, dropping to under $10.
Despite this decline, Chainlink's underlying ecosystem remains fundamentally sound, with no signs of deteriorating network conditions. The issue seems to be with how LINK is being distributed among different wallet cohorts, rather than a reflection of the project's fundamentals.
A closer look at supply distribution reveals that wallets holding between 10 and 10,000 LINK have seen a significant decline 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.
However, the much larger 1 million to 10 million LINK cohort has remained volatile and has been declining since reaching its peak in May 2026. This suggests that larger holders have continued reducing their exposure even as mid-sized holders accumulated.