LINK changed hands near $7.86 on June 9 as a notable increase in wallet numbers contrasted with a languid price structure. The token slipped more than 11% over the past week and remained under $8, according to crypto.news data.
Analytics provider Santiment reported over 535,000 wallets now hold at least one LINK, reaching the highest tally since December 2022. While this signals growing network participation, the asset still hovers far from previous cycle peaks. The upward trend in wallet count suggests broader user adoption, yet price action must reclaim key moving averages before a breakout can be confirmed.
LINK traded between $7.81 and $8.12 in the last 24 hours. Its market capitalization stood near $5.72 billion with daily volume around $286 million. The token remains below its nine-day moving average of roughly $8.03 and the 21-day moving average of $8.78. This positioning confirms that recent price weakness persists relative to short-term norms.
Technically, a daily close above $8.03 would offer the earliest sign of strengthening momentum. Bulls would then need to tackle $8.78 before targeting the 50-day exponential moving average near $9.04. Immediate support sits around $7.80; a breakdown could expose $7.48, then $7.15, and eventually the recent low near $6.99. Since February, LINK has traded below $10 after six straight monthly declines. Recovering above $9.04 and $9.48 would improve the broader outlook, while the 200-day moving average at roughly $10.70 remains a major resistance.
The Chaikin Money Flow indicator reads around -0.10, meaning selling pressure still dominates. This negative signal tempers the wallet growth narrative, as many new holders may own only small amounts. The relative strength index recently recovered from oversold territory to near 35, indicating selling has eased but buying conviction is still weak. The MACD and its signal line remain below zero, confirming a bearish undertone despite the recent stabilization attempt.
Institutional demand has been a bright spot. US spot Chainlink ETFs recorded roughly $1.81 million in net inflows on Monday, lifting total net assets to $101.21 million, per SoSoValue data. These funds have avoided negative daily flows since their December 2 launch, providing a base of spot demand. Derivatives activity also picked up, with open interest rising over 4% to $373.06 million, futures volume around $480.8 million, and liquidations totaling about $320,000 in 24 hours, according to Coinglass. The open-interest-weighted funding rate turned positive to 0.0024% after briefly dipping to -0.0023%, showing mild demand for longs but still lacking strong bullish conviction.
Chainlink’s network utility remains significant. Cross-chain and oracle infrastructure has secured over $110 billion in value by late May, according to related reporting. For LINK to reclaim $8.78, it must first defend $7.80 and close above $8.03. A successful push beyond $8.78 could clear a path toward $9.04 and $10. Conversely, losing $7.80 would put $7.48 and $6.99 back in play.