Chainlink traded near $7.86 on June 9 as growing wallet participation created a contrast with its weak price structure.
Summary
- Chainlink wallets holding at least one LINK reached 535,000, their highest total since December 2022.
- LINK remains below short-term moving averages, leaving $8.03 and $8.78 as key recovery barriers.
- ETF inflows and rising open interest support demand, while weak money flow still limits momentum.
LINK remained below $8 after falling more than 11% over seven days, according to crypto.news market data.
Santiment data showed that more than 535,000 wallets now hold at least one LINK. That marks the highest total since December 2022, despite the token remaining far below its previous cycle highs.
The wallet growth supports the case for wider network participation. However, LINK still needs to recover key moving averages before the chart confirms a breakout.
Chainlink wallets rise to highest level since 2022
The analytics firm described the increase as a measure of participation rather than short-term speculation.
Wallets holding small balances do not control the market because each account holds limited supply. Still, sustained growth can show that more users are gaining exposure and retaining LINK during periods of weak prices.
Santiment said the wallet total reached 535,650 on Monday. The increase came as LINK traded near levels last recorded before its 2024 and 2025 rallies.
Chainlink price remains below two key moving averages
LINK traded between $7.81 and $8.12 over the latest 24-hour period. Its market value stood near $5.72 billion, with daily trading volume around $286 million.
The token remains below its nine-day moving average near $8.03. It also trades below the 21-day moving average at $8.78. The lower short-term average confirms that recent price action remains weaker than the wider short-term trend.
A daily close above $8.03 would provide the first sign of improving momentum. Buyers would then need to clear $8.78 before targeting the 50-day exponential moving average near $9.04.
The $7.80 area remains the nearest support. A break below that level could expose $7.48, followed by $7.15 and the recent low near $6.99.
LINK has remained below $10 since February after recording six consecutive monthly losses. A recovery above $9.04 and $9.48 would improve the broader chart, while the 200-day average near $10.70 remains a larger resistance level.
Money flow shows sellers still hold an advantage
The Chaikin Money Flow indicator stands near -0.10. A negative reading shows that selling activity and capital leaving the market currently exceed buying pressure.
This weak money flow limits the strength of the wallet-growth signal. LINK could continue gaining holders while its price remains under pressure if those wallets hold only small balances.
Momentum data presents a similar setup. The relative strength index recently stood near 35 after recovering from oversold levels. That suggests selling pressure has eased, but buyers have not yet established strong momentum.
The MACD and its signal line also remain below zero. The negative position confirms that the wider trend remains bearish, even as the latest rebound attempts to stabilize above $7.80.
A breakout would require price, volume, and money flow to improve together. A close above $8.03 without stronger capital inflows may struggle near $8.78.
ETF inflows and derivatives activity support demand
Institutional demand has remained positive through United States spot Chainlink exchange-traded funds. According to SoSoValue data, the products recorded about $1.81 million in net inflows on Monday, lifting total net assets to $101.21 million.
The LINK funds have reportedly avoided negative daily net flows since their December 2 launch. Sustained ETF buying creates an additional source of spot demand, although the funds remain small compared with Bitcoin and Ethereum products.
Derivatives positioning also increased during the rebound. Tuesday Coinglass data showed open interest rising more than 4% to $373.06 million.
Futures volume stood around $480.8 million, while liquidations reached about $320,000 over 24 hours. The figures show increased trader participation, but they do not provide a clear directional signal.
The open-interest-weighted funding rate had moved to 0.0024% earlier Tuesday after falling to -0.0023% the previous day. The positive reading showed mild demand for long positions, though it remained too small to show strong bullish conviction.
Chainlink’s network use provides a wider backdrop. Related crypto.news reporting found that its cross-chain and oracle infrastructure secured more than $110 billion in value by late May.
LINK now needs to defend $7.80 and close above $8.03 to strengthen its rebound. Clearing $8.78 would open the path toward $9.04 and $10. A loss of $7.80 would place $7.48 and $6.99 back in focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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