Chainlink (LINK) Price: Bulls Take Control as Whale Accumulation and On-Chain Activity Surge

TLDR

• Chainlink (LINK) is trading around $10, up nearly 10% this week after breaking above key resistance levels.
• Spot ETFs recorded $532,900 in inflows on Wednesday, the first inflows after nearly two weeks of silence.
• On-chain data shows rising daily active addresses, transaction volume, and network growth since early May.
• Futures Open Interest jumped from $366 million to $495 million between Sunday and Thursday.
• Whale-tier wallets holding 100K–10M LINK accumulated 32.93 million additional tokens in the past month, a 7.7% increase.

Chainlink has gained nearly 10% this week, pushing the token price to around $10.10 as institutional and on-chain signals align in favor of buyers.

The move follows a period of sideways trading near multi-month lows. LINK had declined more than 80% from its all-time high of $52.99, set in May 2021. The token now trades well below its 200-day Exponential Moving Average of $11.50, which remains an overhead barrier.

Spot ETFs tracking LINK recorded $532,900 in inflows on Wednesday, according to SoSoValue data. That was the first meaningful inflow activity in nearly two weeks. Continued inflows could add further buying pressure.

On Tuesday, State Street Investment Management and Galaxy Asset Management announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund. The fund uses Chainlink’s NAVLink tool to deliver on-chain Net Asset Value data and its Cross-Chain Interoperability Protocol for cross-chain connectivity.

On-chain metrics tracked by Santiment show daily active addresses, transaction volume, and network growth have all trended upward since early May. These indicators suggest rising user activity and broader network participation.

Whale Accumulation Hits Record Levels

Crypto analytics firm Santiment flagged a pattern in wallet-level data. Wallets holding between 100,000 and 10 million LINK added 32.93 million tokens over the past month, a 7.7% increase. The total number of wallets in that range hit an all-time high of over 461,000.

Santiment described this tier as Chainlink’s “most active and committed cohort.” The firm noted that historically, when this group accumulates heavily, price appreciation tends to follow rather than precede it.

Futures Open Interest across exchanges climbed from $366 million on Sunday to $495.74 million on Thursday, according to CoinGlass. Rising Open Interest alongside price gains typically signals new money entering the market.

Technical Picture

LINK has reclaimed both its 50-day EMA at $9.29 and its 100-day EMA at $9.84. The Relative Strength Index sits near 66, approaching overbought territory. The MACD remains positive with a growing histogram.

Immediate resistance sits at $10.77, the 50% Fibonacci retracement drawn from the January high to the February low. A heavier supply zone runs between $11.50 and $12.07.

On the downside, support is seen at $9.92, with the 100-day EMA at $9.84 just below.

Chainlink’s institutional partnerships include UBS, Euroclear, and the SWIFT network. These deals focus on interbank transfers, transaction automation, and real-world asset tokenization. The State Street Galaxy fund launch this week is the latest addition to that list.

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