Network activity on Chainlink [LINK] has been growing over the past year, though its price action has been declining. Institutions have adopted the oracle as whales continue to accumulate the altcoin.
Chainlink whales grow by 25% in a year
The number of Chainlink whales holding well over 1 million LINK tokens has grown by 25% in just one year. That is, from 100 in April 2025 to 125 in April of 2026. Meanwhile, their holdings have continued to grow.
However, prices have remained bearish. This decline has been made worse by the escalation of geopolitical tensions in the Middle East.
Why LINK’s supply could tighten even more
The fundamentals were tightening the circulating supply of LINK tokens in the market.
For instance, Chainlink Reserve added more than 137,004 LINK tokens worth $1.17 million. This took the total holdings to 2.93 million, valued at $25.6 million, with the chart showing steady growth since last year in August.
The reserve is expected to continue growing, thanks to fees collected from institutions paying for the oracle services.
For example, Multipli will be distributing its $340 million rwaUSD through Chainlink. The stablecoin is backed by tokenized U.S. equities, which brings liquidity into the chain.
Additionally, Polymarket, which had been integrated into the ecosystem, saw $3.5 billion in trading volume. More than 3,000 traders signed up for Data Streams, expanding the revenue streams of the oracle.
Such increased activity from institutions raised revenue generation. These developments suggested the reserve would increase their effort to cut the circulating supply.
Price action aligning with April 2025 lows
The price action chart of Chainlink was consolidating just below the April 2025 lows. Last year, the altcoin consolidated during the second quarter, and towards the end, it started to rally upwards.
These lows led to LINK’s rally for 2025.
Chainlink has been moving sideways since the start of February, putting it in a two-month range. It also traded around the slanting resistance trendline, though bears seemed to be in control.
The MACD is faintly red, meaning the strength of sellers is diminishing. If the price breaks out of the range and above the trendline, whales could potentially push LINK higher, possibly back to its 2025 highs around $27.
If the price continues to trade between $8 and $9.40, the breakout to either side could be huge.
Final Summary
- Chainlink whales grow by 25% in a year as supply continues to tighten.
- LINK is consolidating just below the lows that sparked the rally in 2025.
