Chainlink Wallets Hit 535K: Can LINK Price Reclaim $8.78?

by

Chainlink wallets hit 535K, can <a href="https://pricpr.com/link-usd/">LINK</a> price reclaim $8.78?

As an analyst, I’ve been watching Chainlink, and on June 9th it was trading around $7.86. What’s interesting is that despite more wallets becoming active with the token, the price itself hasn’t shown much strength – it’s a bit of a disconnect between activity and price movement.

Summary

  • Chainlink wallets holding at least one LINK reached 535,000, their highest total since December 2022.
  • LINK remains below short-term moving averages, leaving $8.03 and $8.78 as key recovery barriers.
  • ETF inflows and rising open interest support demand, while weak money flow still limits momentum.

According to data from crypto.news, LINK continued to trade under $8, dropping over 11% in the last week.

According to data from Santiment, over 535,000 wallets are currently holding the LINK token – the highest number since December 2022. This growth in holders is happening even though the token’s price is still well below its previous peak.

Increasing numbers of wallet users suggest more people are joining the network, which is a positive sign. However, the price of LINK needs to climb above certain average levels to officially confirm a breakout and continued upward trend.

Chainlink wallets rise to highest level since 2022

The analytics firm explained that the rise indicates more people are actively involved, not just quick, temporary investing.

Small LINK holders don’t significantly impact market prices because they each own a limited amount. However, consistent growth in the number of these wallets suggests increasing adoption and that users are holding onto their LINK even when prices drop.

Chainlink’s number of wallets holding LINK has surged to over 535,000 – the highest level seen since 2022. This indicates a significant increase in network participation and suggests renewed interest in the Chainlink network.

— Santiment Intelligence (@SantimentData) June 9, 2026

According to Santiment, the total amount of LINK held in wallets reached 535,650 on Monday. This rise happened as LINK’s price approached levels not seen before its price increases in 2024 and 2025.

Chainlink price remains below two key moving averages

Over the past 24 hours, LINK’s price fluctuated between $7.81 and $8.12. It currently has a market value of approximately $5.72 billion, and around $286 million worth of LINK was traded today.

The token’s price is currently below both its nine-day moving average, around $8.03, and its 21-day moving average, at $8.78. This suggests that recent price movements are weaker than the overall short-term trend.

If the price consistently closes above $8.03 each day, it would suggest a positive shift in the market. After that, buyers would need to push the price above $8.78, with a longer-term goal of reaching the 50-day moving average, which is around $9.04.

The price is currently finding support around $7.80. If it falls below that level, it could drop to $7.48, then $7.15, and potentially as low as the recent bottom near $6.99.

Since February, the price of LINK has stayed under $10, experiencing six months of declines. If it can break through the $9.04 and $9.48 levels, the technical outlook would improve. However, a stronger resistance point is around $10.70.

Money flow shows sellers still hold an advantage

The Chaikin Money Flow is currently at -0.10, which suggests that more money is flowing out of the market than into it, indicating stronger selling than buying.

Limited activity in the market could prevent LINK from seeing significant price increases, even if more people are acquiring it. If these new owners only hold small amounts of LINK, the price may continue to face downward pressure.

Momentum indicators are also showing a similar pattern. The Relative Strength Index (RSI) recently hit around 35 after bouncing back from being oversold. This indicates that the selling has slowed down, but buyers haven’t yet taken strong control.

Both the MACD and its signal line are still showing negative values, which suggests the overall trend is still downward, despite recent efforts to push the price above $7.80.

For the price to significantly increase, we need to see improvements in price, trading volume, and the amount of money flowing into the market. Simply exceeding $8.03 isn’t enough; without increased investment, it may face resistance around $8.78.

ETF inflows and derivatives activity support demand

U.S. investors continue to show strong interest in Chainlink exchange-traded funds. Data from SoSoValue indicates these funds saw net inflows of $1.81 million on Monday, bringing their total value to $101.21 million.

Since launching in December, the LINK exchange-traded funds haven’t experienced any days with more money leaving than entering. This consistent buying adds to the overall demand for the cryptocurrency, though these funds are still relatively small compared to those focused on Bitcoin and Ethereum.

Trading activity in derivatives also went up as the market recovered. Data from Coinglass on Tuesday indicated that open interest increased by over 4%, reaching $373.06 million.

Trading activity over the past 24 hours totaled around $480.8 million in futures, with $320,000 in liquidations. These numbers suggest more traders are involved, but don’t indicate whether the market is trending up or down.

The funding rate, which considers the amount of open interest, rose to 0.0024% on Tuesday after dipping to -0.0023% the day before. This slight increase suggested a small amount of interest in buying, but wasn’t enough to indicate a strong belief that prices would rise.

Chainlink plays a significant role in the broader crypto ecosystem. Recent reports show that its technology, which connects different blockchains and provides reliable data, was safeguarding over $110 billion in digital assets as of late May.

LINK is currently trying to recover. To confirm this recovery, it needs to stay above $7.80 and break past $8.03. If it can move beyond $8.78, it could then reach $9.04 and eventually $10. However, if the price falls below $7.80, it might drop back down to $7.48 or even $6.99.

Read More

2026-06-09 13:34