Key Takeaways
- LINK stabilizes around $8 following a 7% recovery from Saturday’s two-year bottom at $6.99
- Network addresses holding 1+ LINK tokens reached 535,650—highest level recorded since late 2022
- Chainlink ETFs pulled in $1.81 million on Monday with no recorded outflows since their December launch
- Futures Open Interest climbed more than 4% to $373.06 million, though bulls faced $195,880 in liquidations
- Critical resistance zones at $8.13–$8.31 stand between current levels and the 50-day EMA at $9.04
Chainlink (LINK) is maintaining its position around the $8.00 mark on Tuesday, consolidating gains after recovering from Saturday’s two-year trough of $6.99. The rebound coincided with positive on-chain signals and continued institutional appetite for the oracle token.
The token has struggled to reclaim the $10 level throughout February and has shed over 60% of its value across six straight months of decline. Yet beneath the price weakness, certain fundamental indicators tell a more optimistic story.
Santiment data reveals that the number of addresses holding a minimum of 1 LINK token climbed to 535,650 on Monday—marking the highest tally in over three years, dating back to December 2022. This expansion occurred even as LINK traded far below its peak valuations from the current market cycle.
According to the SantimentData account on X: “What makes this particularly significant is that the growth has occurred while $LINK’s price remains well below its cycle highs. Historically, sustained increases in wallet counts are often viewed as a sign of gradual adoption and accumulation.”
While these aren’t whale-sized holders, the expanding number of retail-level wallets suggests broadening network participation rather than pure speculative activity.
Investment Funds Keep Accumulating
Chainlink-based Exchange Traded Funds registered $1.81 million in fresh capital on Monday, bringing cumulative net holdings to $101.21 million. Remarkably, these products haven’t experienced a single day of outflows since their December 2 debut.
This consistent institutional buying runs parallel to the retail wallet expansion, creating a two-pronged demand foundation beneath LINK’s current valuation.
Futures Market Shows Divided Conviction
Open Interest across LINK futures contracts jumped more than 4% over a 24-hour window to reach $373.06 million, indicating increased trader activity. The funding rate reversed from -0.0023% into positive territory at +0.0024%, reflecting a modest tilt toward optimistic positioning.
Yet of the $269,290 in total position liquidations during this period, long traders absorbed $195,880 of those losses. This pattern indicates that bullish bets continue to be tested as price action remains confined beneath the $8 threshold.
A concentration of leveraged long positions exists between $8.00 and $8.10. Breaking through this zone could trigger a cascade of short squeeze liquidations that accelerate any upward momentum.
From a chart perspective, key moving averages remain distant obstacles: the 50-day EMA stands at $9.04, the 100-day at $9.48, and the 200-day near $10.70—all considerably above current trading levels. The Relative Strength Index reads 35, recovering from oversold territory, while the MACD histogram continues printing negative values.
Immediate resistance waits at $8.13, with secondary resistance at $8.31. A confirmed daily close beyond these thresholds would bring the 50-day exponential moving average into realistic reach.
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