Chainlink (LINK) Price: Wallets Hit a 3-Year High While LINK Trades Near $8 — What Happens Next?

TLDR

• LINK price hovers near $8 after a 7% rebound from a two-year low of $6.99
• Wallets holding at least 1 LINK hit 535,650 — the highest since December 2022
• LINK-focused ETFs recorded $1.81 million in inflows on Monday with zero outflows since launch
• Open Interest rose over 4% to $373.06 million, but long liquidations of $195,880 signal mixed sentiment
• Key resistance sits at $8.13–$8.31; a break above could target the 50-day EMA at $9.04

Chainlink (LINK) is trading near $8.00 on Tuesday, holding a mild recovery after falling to a two-year low of $6.99 on Saturday. The bounce came as on-chain data and institutional inflows showed renewed interest in the token.

LINK has been capped below $10 since February, losing more than 60% over six consecutive months. Despite that, some underlying metrics are pointing in a different direction.

Data from Santiment shows that wallets holding at least 1 LINK token reached 535,650 on Monday. That is the highest count since December 2022. The growth happened while LINK’s price remained well below its cycle highs.

These are not large holders. But a rising count of smaller wallets points to growing participation in the network rather than speculation.

Institutional Buying Continues

LINK-focused Exchange Traded Funds recorded $1.81 million in inflows on Monday, pushing total net assets to $101.21 million. The ETFs have posted zero outflows since they launched on December 2.

That steady institutional accumulation is running alongside the retail wallet growth, giving LINK a dual layer of demand support at current price levels.

Derivatives Tell a More Cautious Story

Open Interest in LINK futures rose over 4% in 24 hours to $373.06 million, showing more traders are entering positions. The funding rate also flipped from -0.0023% to +0.0024%, pointing to a mild shift toward bullish sentiment.

However, $195,880 of the $269,290 in total liquidations over the same period came from long positions. That suggests traders betting on upside are still getting caught out while price stays pinned below $8.

A dense cluster of leveraged positions sits between $8.00 and $8.10. A move above that zone could force short liquidations and speed up any upside move.

On the technical side, the 50-day EMA sits at $9.04, the 100-day at $9.48, and the 200-day near $10.70 — all well above current price. The RSI is at 35, easing from oversold levels, but the MACD remains negative.

The first resistance level to watch is $8.13, followed by $8.31. A daily close above those levels would put the 50-day EMA in play.

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