Chainlink (LINK) Wallet Addresses Surge to 3-Year Peak as Price Consolidates Around $8

Key Takeaways

• LINK maintains position around $8 following a 7% recovery from Saturday’s two-year bottom at $6.99
• Network addresses holding a minimum of 1 LINK reached 535,650 — a level unseen since December 2022
• Exchange-traded funds tracking LINK saw $1.81 million in capital inflows Monday without any withdrawals since inception
• Futures Open Interest climbed above 4% to reach $373.06 million, though long position liquidations of $195,880 reflect divided market outlook
• Critical resistance zones emerge at $8.13–$8.31; surpassing these levels could open path toward the 50-day EMA at $9.04

Chainlink (LINK) is currently trading in the vicinity of $8.00 this Tuesday, maintaining a modest recovery following Saturday’s decline to a two-year bottom of $6.99. This rebound emerged alongside fresh on-chain signals and institutional capital flows indicating heightened token interest.

LINK has remained constrained beneath the $10 threshold since February, shedding over 60% across six straight months. Nevertheless, certain fundamental indicators are painting a contrasting picture.

According to Santiment’s data, network addresses containing at least 1 LINK token climbed to 535,650 on Monday. This figure represents the highest wallet count recorded since December 2022. Notably, this expansion occurred despite LINK’s valuation trading significantly below its cycle peaks.

While these aren’t whale-sized positions, the expanding number of smaller addresses suggests increasing network participation beyond mere speculative trading activity.

Institutional Capital Flows Remain Positive

Exchange Traded Funds dedicated to LINK registered $1.81 million in fresh capital on Monday, elevating aggregate net assets to $101.21 million. Since their December 2 launch, these investment vehicles have experienced zero capital withdrawals.

This consistent institutional accumulation pattern operates in tandem with retail wallet expansion, establishing a dual-layered demand foundation supporting current valuation levels.

Futures Market Signals Mixed Trading Sentiment

Open Interest across LINK futures contracts increased more than 4% during the past 24 hours, reaching $373.06 million as additional traders establish positions. The funding rate simultaneously reversed from -0.0023% to +0.0024%, indicating a marginal tilt toward optimistic positioning.

Nevertheless, long positions accounted for $195,880 of the $269,290 total liquidations during this timeframe. This pattern indicates that bullish traders continue facing challenges while price action remains confined below $8.

A concentrated cluster of leveraged trading positions exists between $8.00 and $8.10. Breaching this zone upward could trigger short position liquidations and accelerate potential price appreciation.

From a technical perspective, the 50-day EMA stands at $9.04, the 100-day at $9.48, and the 200-day near $10.70 — all positioned considerably above current trading levels. The RSI registers at 35, recovering from oversold territory, though the MACD indicator maintains negative momentum.

Immediate resistance appears at $8.13, with secondary resistance at $8.31. A confirmed daily close above these thresholds would bring the 50-day EMA into range as the next upside objective.

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