TLDR
- LINK dropped from a September high near $13.70 down to about $11.56 after heavy selling.
- RSI sits at 31.58, close to oversold territory, while MACD stays bearish.
- Trading volume fell to $507.51 million and open interest slipped to $645.90 million.
- Analyst More Crypto Online flags $12.30-$13.21 as the zone to watch for a recovery.
- Santiment data shows LINK new and active addresses holding near recent peaks despite the price drop.
Chainlink’s LINK token has pulled back sharply after a strong run earlier this month. The token climbed from under $9.50 to a September high near $13.70 before sellers took over.
That rally was followed by a fast retreat. LINK has now fallen in a pattern of lower lows, landing around $11.56.
The drop has pushed LINK back into the trading range it held in late August. Traders often watch old ranges like this because buyers have defended price there before.
Momentum readings reflect the selling pressure. The Relative Strength Index sits at 31.58, close to oversold levels.
The MACD indicator has also moved further into bearish territory. Its signal line is falling and the red histogram bars are getting bigger.
Market Activity Shows Cautious Positioning
Derivatives data points to traders stepping back. CoinGlass figures show trading volume down to $507.51 million.
Open interest has slipped too, now at $645.90 million. A drop in both volume and open interest often means leveraged positions are being closed.
Analyst More Crypto Online shared a chart pointing to this move as wave (A) of a larger ABC pullback. The analyst named $12.30 to $13.21 as the first resistance zone to watch, saying a break above it could support a recovery while continued rejection would keep LINK under pressure.
Network Growth Strengthens Price Outlook
Price action has weakened, but on-chain data tells a different story. Santiment Intelligence data shows new addresses rose from around 974 per day in early August to a peak of 1,601, before settling near 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
Active addresses followed a similar path, climbing from about 3,599 to a peak of 5,572 and now sitting near 4,821. Santiment Intelligence posted that this address growth looks specific to Chainlink when compared with recent Solana and Ethereum activity, pointing to steady use of the network even as the price corrects.
Address counts do have limits. They can’t show whether the same users are returning or new users are joining.
Traders are now watching the $12.30-$13.21 zone alongside RSI, MACD, and open interest for the next directional move. A steady base near current levels combined with rising volume would offer the clearest sign that buyers are stepping back in.
The post Chainlink (LINK) Price: Falls to $11.56 After September Highs Near $13.70 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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