Key Takeaways
- LINK maintains support around $8 following a 7% recovery from Saturday’s two-year bottom at $6.99
- Network addresses holding 1+ LINK tokens climbed to 535,650—a level unseen since December 2022
- Monday saw LINK ETFs attract $1.81 million in fresh capital with no redemptions recorded since inception
- Futures Open Interest climbed more than 4% to reach $373.06 million, though long liquidations totaling $195,880 reflect cautious positioning
- Critical resistance barriers stand at $8.13–$8.31; breaking through could push price toward the 50-day EMA around $9.04
Chainlink (LINK) continues to trade in the vicinity of $8.00 this Tuesday, maintaining a modest rebound after plunging to a two-year nadir of $6.99 last Saturday. The recovery gained traction as blockchain metrics and institutional capital flows revealed fresh momentum behind the token.
Since February, LINK has struggled to reclaim the $10 threshold, shedding over 60% of its value across six straight months of decline. Yet beneath the surface, several fundamental indicators are telling a contrasting story.
According to Santiment analytics, the number of addresses holding a minimum of 1 LINK token hit 535,650 on Monday. This represents the highest wallet tally recorded since December 2022. Notably, this expansion occurred even as LINK’s price traded substantially below its recent peak levels.
The Santiment team highlighted on their X platform: “What makes this particularly significant is that the growth has occurred while $LINK’s price remains well below its cycle highs. Historically, sustained increases in wallet counts are often viewed as a sign of gradual adoption and accumulation.”
These wallet holders don’t represent whale activity. Instead, the rising number of smaller addresses suggests expanding network participation rather than purely speculative behavior.
ETF Capital Flows Remain Steady
Exchange Traded Funds focused on LINK registered $1.81 million in net inflows on Monday, bringing cumulative net assets under management to $101.21 million. Remarkably, these investment vehicles haven’t experienced a single day of outflows since their December 2 debut.
This consistent institutional accumulation pattern, occurring simultaneously with retail wallet expansion, creates a two-pronged demand foundation supporting LINK at current trading levels.
Futures Market Shows Mixed Signals
Open Interest across LINK futures contracts expanded over 4% during the past 24 hours, reaching $373.06 million as more market participants established positions. The funding rate simultaneously reversed from -0.0023% to +0.0024%, indicating a subtle tilt toward optimistic sentiment.
Neverthstanding this, $195,880 of the $269,290 in total liquidations during this timeframe originated from long positions. This pattern reveals that traders wagering on price appreciation continue facing challenges as LINK remains constrained below $8.
A concentrated band of leveraged positions exists between $8.00 and $8.10. Breaking above this threshold could trigger cascading short liquidations, potentially accelerating any bullish momentum.
From a technical perspective, the 50-day exponential moving average rests at $9.04, the 100-day at $9.48, and the 200-day near $10.70—all substantially above current price action. The Relative Strength Index reads 35, recovering from oversold territory, though the MACD indicator remains in negative territory.
The initial resistance hurdle to monitor sits at $8.13, with secondary resistance at $8.31. A decisive daily candle close above these thresholds would bring the 50-day EMA into realistic targeting range.
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