A large Chainlink holder moved more than $26 million worth of LINK tokens to Coinbase over the past month. Onchain Lens tracked the wallet and found it deposited approximately 2.41 million LINK tokens, originally accumulated through Binance.
Did this whale just dump $26M worth of Chainlink LINK?!
According to @OnchainLens, an unknown whale has sent more than $26 million worth of @Chainlink's $LINK token to the @Coinbase exchange.
More specifically, 2.41 million tokens were sent to the exchange across the past… pic.twitter.com/tE0cTghVe1
— BSCN (@BSCNews) September 9, 2026
Sending tokens to an exchange can suggest an intent to sell, but it does not confirm one. The whale may be moving funds for custody or portfolio management reasons. The deposits were spread across several weeks, which may soften any immediate selling impact.
LINK price climbed around 86% from a July low near $7, reaching approximately $13 just days ago. Since then, the price has pulled back and broken below the $12 support level. LINK currently trades near $11.80.
Crypto analyst Michaël van de Poppe (@CryptoMichNL) shared two areas of interest on LINK. He said that if Bitcoin makes a sweep lower, he would look to buy LINK below $10.50, describing it as “a strong runner already.” He flagged that level as a key dip-buying zone.
I've got two areas of interest for $LINK.
If Bitcoin makes a sweep lower, I'm definitely going to be interested to be buying the dip on this one <$10.50.
Any wick I'm interested in, but this time particularly interested into $LINK as it has been a strong runner already. pic.twitter.com/E0cxH44zV2
— Michaël van de Poppe (@CryptoMichNL) September 10, 2026
The key levels traders are watching now include $10.80 as the next likely support, followed by $9.80 if that level fails. A deeper drop could bring $8.80 into play. On the upside, reclaiming $12 would be the first step toward challenging the recent $13 high.
Despite the price weakness, Chainlink’s network data shows some resilience. Active addresses rose from 3,599 in early August to a peak of 5,572, and have since settled at 4,821. That means about 66% of the increase held. New addresses peaked at 1,601 and now sit at around 1,140.
Chainlink pulled in a wave of new wallets in late August. Here is what the data shows, and what it cannot show.
🆕 New addresses: 974 a day in early August, 1,601 at peak, 1,140 now. About a quarter of the surge held.
📊 Active addresses: 3,599, then 5,572, now 4,821. About two… pic.twitter.com/0TjltknUJt— Santiment Intelligence (@SantimentData) September 10, 2026
Santiment data showed Chainlink’s address growth outpaced both Solana (up 7.5%) and Ethereum (up 5.2%) over the same period, suggesting the activity was specific to the Chainlink network.
Chainlink crossed $30 trillion in total transaction value enabled, a milestone that reflects years of network growth. Weekly CCIP volume surged 260% to $1.3 billion, pointing to rising real-world usage of its cross-chain infrastructure.
On the adoption side, prediction market platform World announced a Solana-based product with more than 1 million users on its waitlist. The platform uses Chainlink Data Streams and the Chainlink Runtime Environment to automate outcome resolution across sports, politics, commodities, and weather markets.
Chainlink currently trades near $11.80, below the key $12 support, with $10.80 as the next level traders are watching.
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