Chainlink Down 6% In A Month: Why Is LINK Not Moving?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Santiment data suggests Chainlink’s supply distribution is healthier for long-term stability compared to other coins.
Crypto traders see LINK as a strong altcoin cycle indicator, offering a safer play amid speculative alternatives.
Brand New Membership Level: Benzinga Trade Alerts

Chainlink LINK/USD is down 6% over the past 30 days, with sideways price largely unimpacted by fundamental developments around the protocol.

What Happened: According to a Santiment data report, Chainlink has the most balanced concentration of supply among the top ten largest wallets, with 33.1% of token supply held by the top 10.

This compares favorably to Ethereum (46.1%), Toncoin (32.8%) and Shiba Inu (61.3%).

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Chainlink LINK/USD	$18.56	$11.8 billion	-1.1%	-9.7%
TRON TRX/USD	$0.2385	$20.5 billion	+0.6%	+5.8%
Avalanche AVAX/USD	$25.39	$10.5 billion	+0.9%	-6.4%

Trader Notes: Crypto trader Osemka emphasized that Chainlink's price action consistently respects key levels, making it a leading indicator for altcoin momentum and a safer play than speculative assets.

The trader sees several bullish factors working in LINK’s favor:

Fundamental Support: Real-World Assets (RWA) adoption provides a strong growth narrative.
Technical Stability: Clear support/resistance levels make it easier to trade.
Altcoin Cycle Indicator: LINK's movements often precede broader altcoin market shifts.

Meanwhile, trader Quinten Francois believes the market is underestimating LINK's potential, calling it an overlooked opportunity.

The world sleeps on the opportunity you have with $LINK pic.twitter.com/uS9EnekaFq
— Quinten | 048.eth (@QuintenFrancois) February 9, 2025

Statistics: IntoTheBlock data shows large transactional volume increased around 10%, while daily active addresses are down 25.2% in a single day. Transactions greater than $100,000 remained relatively flat.

Coinglass data shows Chainlink's open interest increased 2.2%, while derivatives trading volume expanded by 85.9%. Liquidations in the past 24 hours stood at $1.41 million.

Community News: Chainlink announced that in this current week there were 17 integrations of their standard across five services and 12 different chains. Some of the new integrations include: Mantle, Sei, HashKey Chain, X Layer and others.

Read Next: