Chainlink
LINK drops below $10 as large holders trim positions
Chainlink has fallen beneath its 200-day average after a rally from a 17-month consolidation, with supply data showing larger holders reducing exposure while mid-sized accumulate.
LINK has dropped below the $10 mark following a powerful rally that peaked near $30, reversing the gains made after the token spent nearly 17 months consolidating around $6 support. The price weakness does not appear tied to deteriorating project fundamentals, with Chainlink's ecosystem remaining sound. Instead, pressure stems from how LINK is distributed across wallet cohorts.
Supply distribution shifted noticeably in early August. Wallets holding between 10,000 and 100,000 LINK moved lower, while the 100,000 to 1 million LINK cohort continued absorbing supply. However, the much larger 1 million to 10 million LINK holders have been declining since May 2026, indicating larger holders have continued reducing exposure even as mid-sized holders accumulated.
Two technical scenarios remain possible. If selling pressure persists, LINK could revisit the $6 support level that previously anchored a major recovery. If that historical support fails to trigger renewed demand, the token price could extend further downside, with $4 emerging as another possible level. For now, LINK sits in an uncomfortable position where healthy fundamentals are being overshadowed by shifting supply dynamics and persistent selling from larger holders.
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