Blab Crypto
Chainlink Wallet Growth Persists Amid Market Weakness, Price Shows Limited Bullish Momentum
Even as the broader crypto market remains subdued, Chainlink’s on‑chain activity is on the rise.
Data from Santiment shows that the number of wallets holding at least one LINK token has climbed to 535,000, the highest level since December 2022. The total count of unique holders reached a year‑to‑date high of 879,000, while the 30‑day average of active addresses jumped from about 50,000 in April to roughly 570,000.
The increase in non‑micro wallets indicates that users are accumulating LINK rather than merely trading it. Historically, a sustained rise in wallet counts has been associated with stronger network fundamentals and has often preceded price gains. The current growth occurs against a backdrop of extended market weakness, suggesting that LINK’s adoption is not solely driven by short‑term speculation.
On‑chain activity data from Glassnode and other analytics firms corroborate Santiment’s figures. In early May, Chainlink’s active sending addresses peaked at 282,170 on May 9 and 264,090 on May 10, the highest levels recorded since September 2025. These numbers reflect increased participation in the network, likely driven by the growing use of Chainlink’s oracle services across decentralized finance (DeFi) protocols.
Price action has been modest. LINK fell to $6.90 before rebounding to a local high of $8.10. As of the latest trading session, the token was priced at $7.90, up 1.8 % from the previous day. Technical indicators show a mixed picture. The Smart Money Index (SMI) has crossed above the zero line, rising to –32, which is interpreted as a weak bullish signal. However, the SMI remains in the negative zone, indicating that momentum is still limited.
The 9‑day simple moving average (SMA) is currently at $8.04. Analysts note that a successful retest of this SMA, followed by a close above it, would confirm a shift in trend strength and could lift the price toward a short‑term target of $8.70. A medium‑term resistance level is cited at $9.00. If the SMA test fails, the price could retreat below $7 again.
In summary, Chainlink’s on‑chain metrics—wallet growth, active address volume, and holder count—continue to strengthen, signaling ongoing network adoption. The price, meanwhile, remains in a narrow range with limited bullish momentum. Market participants will likely watch for a sustained SMA breakout and SMI improvement before expecting further upside.
The current situation reflects a network that is growing organically while the token’s market performance remains constrained by broader market conditions. Future developments will depend on whether the price can break out of its recent range and whether on‑chain activity continues to rise.
Data from Santiment shows that the number of wallets holding at least one LINK token has climbed to 535,000, the highest level since December 2022. The total count of unique holders reached a year‑to‑date high of 879,000, while the 30‑day average of active addresses jumped from about 50,000 in April to roughly 570,000.
The increase in non‑micro wallets indicates that users are accumulating LINK rather than merely trading it. Historically, a sustained rise in wallet counts has been associated with stronger network fundamentals and has often preceded price gains. The current growth occurs against a backdrop of extended market weakness, suggesting that LINK’s adoption is not solely driven by short‑term speculation.
On‑chain activity data from Glassnode and other analytics firms corroborate Santiment’s figures. In early May, Chainlink’s active sending addresses peaked at 282,170 on May 9 and 264,090 on May 10, the highest levels recorded since September 2025. These numbers reflect increased participation in the network, likely driven by the growing use of Chainlink’s oracle services across decentralized finance (DeFi) protocols.
Price action has been modest. LINK fell to $6.90 before rebounding to a local high of $8.10. As of the latest trading session, the token was priced at $7.90, up 1.8 % from the previous day. Technical indicators show a mixed picture. The Smart Money Index (SMI) has crossed above the zero line, rising to –32, which is interpreted as a weak bullish signal. However, the SMI remains in the negative zone, indicating that momentum is still limited.
The 9‑day simple moving average (SMA) is currently at $8.04. Analysts note that a successful retest of this SMA, followed by a close above it, would confirm a shift in trend strength and could lift the price toward a short‑term target of $8.70. A medium‑term resistance level is cited at $9.00. If the SMA test fails, the price could retreat below $7 again.
In summary, Chainlink’s on‑chain metrics—wallet growth, active address volume, and holder count—continue to strengthen, signaling ongoing network adoption. The price, meanwhile, remains in a narrow range with limited bullish momentum. Market participants will likely watch for a sustained SMA breakout and SMI improvement before expecting further upside.
The current situation reflects a network that is growing organically while the token’s market performance remains constrained by broader market conditions. Future developments will depend on whether the price can break out of its recent range and whether on‑chain activity continues to rise.
