Is $6.26 the Key for Chainlink? Over 90,000 Holders Are Watching

• $6.26 is a critical support level for Chainlink with 90,000 investors holding tokens.
• Chainlink’s price of $12.58 could face a decline if it hits $6.26.
• The demand wall at $6.26 represents strong support but is vulnerable to downward pressure.

Chainlink ($LINK) is encountering strong demand at a key price level of $6.26, where nearly 90,000 investors hold 376 million tokens. This significant support level is becoming increasingly important as $LINK remains above $12.58. The high concentration of addresses holding $LINK between $4.33 and $7.02 indicates that these levels are highly critical. Investors are paying close attention to whether $LINK can maintain its upward momentum or if it will retreat toward this strong support zone.

The most critical demand wall for #Chainlink $LINK sits at $6.26, where nearly 90,000 investors scooped up 376 million tokens! pic.twitter.com/ZRcmcOUlWg

— Ali (@ali_charts) April 5, 2025

The price point of $6.26 has been identified as a crucial threshold for $LINK. It’s clear that many investors have accumulated $LINK tokens within this price range, creating a strong floor of support. With a large volume of tokens held by investors at these levels, the likelihood of a significant sell-off could be reduced, especially if the asset approaches this price point again.

Why $6.26 Is a Crucial Demand Wall for Chainlink

Chainlink’s price behavior around the $6.26 mark is being watched closely by traders and investors alike. At this level, over 90,000 addresses hold approximately 376 million $LINK tokens, and the demand for the asset is significant. This concentration of holders suggests that any movement towards this price could face strong buy pressure, which could prevent a major decline.

The 0.42% of the total $LINK supply held by these addresses represents a substantial portion of the token’s circulating supply. If $LINK moves closer to this price, these holders may be less likely to sell, thereby providing potential support for the price. However, if the price falls below $6.26, this demand wall could be tested, and investor sentiment could shift. A break below this point could trigger selling pressure from those who bought in at higher levels, leading to further downward movement.

Additionally, the chart’s current data reveals that $LINK is still trading above key levels, but with downward pressure building from previous price points. This makes the $6.26 demand wall even more critical in determining whether $LINK can continue to rise or if a retreat toward lower levels is inevitable. If the price falls to $6.26 or below, the focus will be on whether this key support holds or if a deeper correction ensues.

How Investor Sentiment Will Shape Chainlink’s Future Price Action

The investor sentiment surrounding Chainlink is another important factor in its future price trajectory. Currently, $LINK’s price is holding steady above $12.58, but the concentration of addresses holding $LINK at lower price points suggests a potential risk. With such a large portion of the supply concentrated at prices between $4.33 and $7.02, the market sentiment could change quickly if the price approaches these levels.

The ongoing demand at $6.26 provides a solid support base, but $LINK’s ability to hold above this level in the face of potential market turbulence will determine its price action in the near term. As the price moves closer to this support, traders will be looking for signs of strength or weakness. If $LINK maintains its position above $6.26, it could gain the support needed to reach higher price points. However, if the price falls below this demand wall, it could signal a deeper correction, forcing investors to reconsider their positions.

In the larger context of the cryptocurrency market, Chainlink’s performance remains influenced by overall market conditions. Despite the volatility, the asset has managed to hold up above key levels, but continued momentum is crucial. The demand wall at $6.26 may be a buffer against significant losses, but it’s still uncertain whether it will hold during future fluctuations in the market.

What Investors Should Watch for Next

As $LINK navigates through these price levels, investors should focus on several key factors. First, the strength of the $6.26 demand wall will be crucial for determining whether the price can hold steady or if a decline will occur. If the price continues to hover around $12.58, traders will be paying close attention to any signs of weakness or strength that could trigger a breakout or breakdown.

Second, the broader market sentiment for cryptocurrencies will play a role in $LINK’s price action. A positive outlook on digital assets could provide a boost for $LINK, while broader bearish sentiment may cause further declines. Hence, investors should remain vigilant and keep track of key support and resistance levels, especially the critical demand wall at $6.26.

Source