TLDR
- LINK’s active addresses doubled in 30 days, reaching 2021 activity highs.
- Price consolidates between $12 and $22, signalling mid-cycle accumulation.
- Whale activity and network demand suggest renewed long-term growth ahead.
- A breakout above $21 could open targets between $30 and $36 for LINK.
The recent surge in Chainlink’s network activity is attracting renewed market attention as the project enters another key technical phase. Over the past month, on-chain data has shown a rapid increase in daily active addresses, returning to levels last recorded in 2021. At the same time, the Chainlink price has maintained a strong structure between $12 and $22, positioning itself for what could be a significant breakout in the coming weeks.
Technical Setup Suggests Strength in Chainlink Price
The weekly Chainlink price chart shows a clear long-term accumulation pattern that closely mirrors its previous market cycle. After consolidating between $5.00 and $9.50 for nearly two years, LINK broke above this range in early 2024. That breakout confirmed a solid base of support and ended a prolonged period of sideways trading that started in 2021.
LINK/USD 1W Chart | Source: X
This base formation provided stability, allowing LINK to establish a new trading range between $12.00 and $22.00. Sellers have repeatedly taken profit near $21.00, yet the price has continued to defend the mid-range levels. The chart structure resembles a classic “reaccumulation after breakout” formation, often seen before assets begin a stronger upward leg. Maintaining support above $12.00 remains crucial for LINK’s bullish outlook, as it keeps the overall trend intact.
On-Chain Data Shows Renewed Participation
Moreover, in recent weeks, Chainlink’s on-chain data has recorded a notable increase in activity. The number of daily active addresses has doubled in less than 30 days, signalling higher engagement across the network. This rise takes participation back to early 2021 levels, a time when LINK traded near $35 during its last major peak.
LINK: OCD Chart | Source: X
This growth reflects stronger participation from both retail users and institutional players. Historically, spikes in active addresses have often preceded significant price appreciation. Increased wallet activity usually indicates expanding demand for transactions and oracle services, an important metric of ecosystem health. This suggests that Chainlink’s network fundamentals are improving in tandem with its technical structure.
Fundamental Growth Aligns with Technical Recovery
Consequently, Chainlink’s resurgence appears more structurally sound compared to previous speculative phases. Beyond market sentiment, the growth in activity aligns with real technological and ecosystem advances. The project’s Cross-Chain Interoperability Protocol (CCIP) expansion and staking upgrades have strengthened its long-term utility. Enterprises adopting Chainlink oracles are also contributing to sustained on-chain traffic and network growth.
This combination of factors has created a foundation for genuine adoption rather than short-term hype. As the Chainlink price consolidates under its main resistance near $21.00, both network and technical data suggest that accumulation is ongoing. If the rising address count continues over the coming weeks, the token could revisit its 2021 trading zones between $20 and $30, following the pattern observed in its earlier cycles.
Price Targets Point Toward the Next Bullish Phase
In turn, from a market structure perspective, a confirmed breakout above $21.00 would mark a decisive shift toward a new bullish phase. The next major resistance lies between $30 and $36, with long-term Fibonacci projections extending toward $45 to $50. These targets align with previous cycle extensions, reinforcing the idea of a broader upward continuation once the range resolves.
For now, maintaining the $12.00–$13.00 support remains critical. Combined with growing whale accumulation and consistent on-chain expansion, the setup suggests momentum is gradually returning to LINK. While the path upward may include volatility, the technical and network alignment indicates that Chainlink is building the foundation for its next sustained rally.
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