Key Highlights
- Chainlink (LINK) has climbed approximately 10% over the past week, currently trading near $10 after surpassing critical resistance thresholds.
- LINK-focused spot ETFs registered $532,900 in net inflows on Wednesday, marking the first capital influx following nearly 14 days of dormancy.
- Blockchain analytics reveal increasing daily active users, transaction volumes, and network expansion beginning in early May.
- Open Interest in LINK futures contracts surged from $366 million to $495 million between Sunday and Thursday this week.
- Large holders possessing between 100,000 and 10 million LINK tokens have amassed an additional 32.93 million coins over the last 30 days, representing a 7.7% expansion.
Chainlink has experienced a robust 10% weekly advance, elevating the token’s value to approximately $10.10 as both institutional participation and blockchain data converge to support bullish momentum.
This price movement emerges after an extended consolidation phase near multi-month support zones. LINK has retreated more than 80% from its record peak of $52.99 achieved in May 2021. The cryptocurrency currently remains beneath its 200-day Exponential Moving Average positioned at $11.50, representing a significant overhead resistance level.
Investment vehicles tracking LINK’s spot price documented $532,900 in new capital on Wednesday, based on figures from SoSoValue. This marks the first substantial inflow event in approximately 14 days. Sustained institutional buying could intensify upward price pressure.
Earlier this week on Tuesday, State Street Investment Management partnered with Galaxy Asset Management to unveil the State Street Galaxy Onchain Liquidity Sweep Fund. This investment product leverages Chainlink’s NAVLink infrastructure to provide real-time on-chain Net Asset Value information and utilizes its Cross-Chain Interoperability Protocol for seamless multi-chain transactions.
Blockchain analytics from Santiment demonstrate that daily active wallet addresses, transaction throughput, and overall network expansion have exhibited consistent upward trajectories since the beginning of May. These measurements indicate heightened user engagement and expanding network adoption.
Major Holders Reach Record Accumulation Levels
Blockchain intelligence provider Santiment has identified a notable trend in wallet distribution analytics. Addresses containing between 100,000 and 10 million LINK tokens have acquired an additional 32.93 million coins throughout the previous month, reflecting a 7.7% portfolio expansion. The aggregate count of wallets within this category has reached an unprecedented high exceeding 461,000.
🔗🐋 ChainLink’s key stakeholders that hold between 100K-10M $LINK have been aggressively accumulated over the past month. These whales & sharks have accumulated 32.93M more coins (a +7.7% increase) in just one month.
What makes this accumulation particularly significant is who… pic.twitter.com/qhY3xUOUMT
— Santiment Intelligence (@SantimentData) May 7, 2026
Santiment characterized this wallet segment as Chainlink’s “most engaged and dedicated investor cohort.” The analytics firm observed that historically, substantial accumulation by this group has tended to precede price appreciation rather than occur simultaneously with rallies.
Aggregate futures Open Interest across centralized exchanges expanded from $366 million on Sunday to $495.74 million by Thursday, per CoinGlass tracking data. Expanding Open Interest concurrent with price advances generally indicates fresh capital deployment into the market.
Chart Analysis
LINK has successfully recaptured both its 50-day EMA positioned at $9.29 and its 100-day EMA at $9.84. The Relative Strength Index currently registers near 66, nearing overbought conditions. The MACD indicator maintains positive momentum with an expanding histogram formation.
$LINK broke its downtrend within this massive 6-year long pennant.
$23 by October? pic.twitter.com/I5kf8DJIcN
— Quinten | 048.eth (@QuintenFrancois) May 7, 2026
The nearest resistance barrier stands at $10.77, corresponding to the 50% Fibonacci retracement level calculated from the January peak to the February trough. A more substantial supply concentration exists in the $11.50 to $12.07 range.
Downside support is established at $9.92, with the 100-day EMA providing additional backing at $9.84.
Chainlink has secured strategic collaborations with major financial institutions including UBS, Euroclear, and the SWIFT messaging network. These enterprise agreements concentrate on facilitating interbank settlement systems, automated transaction processing, and tokenization of real-world assets. The State Street Galaxy fund introduction this week represents the most recent expansion of these institutional relationships.
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