Is there a link arena in fire emblem sacred stones virtual console?

Probably not. You see, the link arena needs a link cable, I don't think it's compatible with wireless adapters. The Nintendo 3DS has a built-in wireless adapter to connect with other 3DSs. So, no link arena for now.

BUT WAIT! I said for now. When Nintendo updates it, they might give the link arena a wireless adapter ability. Horray!

So I guess all you can do is wait, my friend.