@Chainlink's $LINK token has climbed to its highest price of 2026, but on-chain data is flashing a signal worth watching: the number of wallets holding LINK is beginning to fall even as the price rises.
Smaller Holders Exit at the High
According to analysis from Santiment, $LINK reached a new 2026 high of $14.89 after trading below $7 as recently as June, representing a recovery of more than 100% in just a few months. The move was accompanied by a notable shift in holder behaviour. Santiment's latest data shows one detail that makes the rally more interesting: the number of non-empty LINK wallets has started to fall.
The number of non-empty LINK wallets fell to 912,020, indicating that some smaller holders may have taken profits during the rally. In other words, the retail layer appears to be reducing exposure into strength rather than adding at current prices.
On its own, a falling wallet count during a price rally is not necessarily a bearish sign. That drop in holders is not automatically negative. When price rises while some retail wallets exit, stronger hands may be absorbing the supply instead of chasing the move late.
Long-Term Bulls and Broader Context
The key question is whether conviction among larger holders is strong enough to absorb that selling pressure. Recent data suggests it may be. Large holders added 2.5 million LINK in 10 days, but the price must break through $16 and $17.70 resistance zones to confirm a new bullish phase.
The move has been backed by unusually strong trading activity and a major protocol upgrade. Chainlink released CCIP 2.0 on September 28, while 24-hour LINK volume jumped more than 225% to roughly $1.41 billion. Those are the kind of fundamental catalysts that tend to keep longer-term holders in their positions.
Santiment also noted that the remaining holder base is still close to historic highs after growing throughout 2026, suggesting the broader trend of adoption remains intact even as some participants take profits near the top.
Whether the bulls can hold the line here will likely depend on how sticky demand proves to be around current price levels and whether LINK can push through key technical resistance. For now, the market is watching closely.
Sources:
Santiment: Chainlink Wallets Took a Dip Right Before $14.89 YTD High
CaptainAltcoin: Chainlink Price Hits 2026 High, But There's a Catch
CoinCodex: Chainlink Price Prediction, LINK Is Near $16