Key Highlights
- Chainlink (LINK) is currently trading near $10, posting close to a 10% weekly gain after clearing critical resistance thresholds.
- Spot exchange-traded funds saw $532,900 in net inflows on Wednesday, marking the first positive flows in almost two weeks.
- On-chain indicators reveal expanding daily active addresses, transaction volume, and network growth beginning in early May.
- Derivatives Open Interest surged from $366 million to $495 million between Sunday and Thursday.
- Large holders controlling 100K–10M LINK tokens have increased their holdings by 32.93 million tokens over the past 30 days, representing a 7.7% growth.
Chainlink has experienced a notable upward movement this week, with the token climbing close to 10% and reaching approximately $10.10 as both institutional interest and blockchain metrics converge to support bullish momentum.
This rally emerges after an extended consolidation phase near multi-month support levels. LINK remains down over 80% from its record peak of $52.99 achieved in May 2021. Currently, the asset trades beneath its 200-day Exponential Moving Average positioned at $11.50, which continues to act as significant overhead resistance.
According to data from SoSoValue, spot ETF products linked to LINK registered $532,900 in net inflows on Wednesday. This marks the first substantial inflow activity observed in approximately two weeks. Sustained positive flows could contribute additional upward pressure on price action.
Earlier this week on Tuesday, State Street Investment Management partnered with Galaxy Asset Management to introduce the State Street Galaxy Onchain Liquidity Sweep Fund. This investment vehicle leverages Chainlink’s NAVLink infrastructure to provide on-chain Net Asset Value reporting and utilizes its Cross-Chain Interoperability Protocol for seamless multi-chain functionality.
Blockchain analytics platform Santiment reports that daily active addresses, transaction volume, and network expansion have all demonstrated upward trajectories since the beginning of May. These data points indicate heightened user engagement and expanding ecosystem participation.
Major Holders Increase Positions to Record Highs
Blockchain intelligence provider Santiment has identified significant accumulation patterns within specific wallet segments. Addresses containing between 100,000 and 10 million LINK have acquired an additional 32.93 million tokens throughout the past month, reflecting a 7.7% expansion. The total count of wallets within this category has reached a new all-time high, exceeding 461,000 addresses.
🔗🐋 ChainLink’s key stakeholders that hold between 100K-10M $LINK have been aggressively accumulated over the past month. These whales & sharks have accumulated 32.93M more coins (a +7.7% increase) in just one month.
What makes this accumulation particularly significant is who… pic.twitter.com/qhY3xUOUMT
— Santiment Intelligence (@SantimentData) May 7, 2026
Santiment characterizes this wallet segment as Chainlink’s “most engaged and dedicated investor cohort.” Historical analysis from the firm indicates that substantial accumulation by this group often precedes price appreciation rather than occurring simultaneously with rallies.
Data from CoinGlass shows that futures Open Interest across trading platforms has expanded from $366 million on Sunday to $495.74 million by Thursday. When Open Interest increases alongside upward price movement, it generally indicates fresh capital flowing into the market.
Chart Analysis
LINK has successfully broken above both its 50-day EMA positioned at $9.29 and its 100-day EMA at $9.84. The Relative Strength Index currently reads near 66, nearing overbought conditions. The MACD indicator maintains a positive reading with an expanding histogram.
$LINK broke its downtrend within this massive 6-year long pennant.
$23 by October? pic.twitter.com/I5kf8DJIcN
— Quinten | 048.eth (@QuintenFrancois) May 7, 2026
The nearest resistance level is located at $10.77, corresponding to the 50% Fibonacci retracement calculated from the January peak to the February trough. A more substantial supply zone exists between $11.50 and $12.07.
Looking downward, initial support appears at $9.92, with the 100-day EMA providing additional backing at $9.84.
Chainlink maintains strategic institutional collaborations with major financial entities including UBS, Euroclear, and the SWIFT network. These partnerships emphasize interbank payment systems, automated transaction processing, and tokenization of real-world assets. The State Street Galaxy fund announcement this week represents the most recent expansion of this partnership portfolio.
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