Chainlink (LINK) Price: 6,000 New Wallets in 48 Hours — Is the Sell-Off Running Out of Steam?

TLDR

• Chainlink added 6,182 new wallets in just two days, its strongest network growth of 2026
• LINK is trading near $7.20, down roughly 44% from its recent high of $13
• This is the third test of the $7.20 support zone, with sellers showing signs of exhaustion
• LINK Spot ETFs turned positive again after a brief $490K outflow on June 22
• The Chainlink Reserve added 593,088 LINK in June, worth over $4.6 million, tightening supply

Chainlink (LINK) is trading near $7.20 after a prolonged drop from its recent high of around $13. That puts the token roughly 44% below its local peak, sitting directly in a zone that has acted as support multiple times this year.

The current price is the third touch of the $7.20 level. Each time sellers have pushed toward this area, they have faced resistance. Momentum indicators are now declining, and four-hour candles are consolidating with fading MACD bars — both signs that selling pressure may be slowing down.

Over one million LINK in leveraged long positions were liquidated on June 25 on Binance’s perpetuals market. After the price found support near $7.20, that number dropped sharply to around 120,000 LINK — a steep reduction in forced selling.

Network Growth Hits 2026 High

On-chain data from Santiment shows Chainlink added 3,142 new wallets on June 25 and 3,040 on June 26, totaling 6,182 new addresses across two days. This is the strongest back-to-back wallet creation spike Chainlink has seen this year.

Rising wallet creation during a price dip can point to fresh capital entering the ecosystem. It suggests new participants are buying in at lower levels rather than existing holders simply moving funds around.

LINK is trading below the high-volume price node at $9.00–$9.20, which reflects where most market activity occurred in recent months. The RSI sits near 35, indicating weak momentum but also that the asset may be approaching oversold conditions.

ETF Inflows and Reserve Growth Add to Bullish Case

Chainlink Spot ETFs recorded their first daily outflow of $490,000 on June 22. That was followed by $138,000 in fresh inflows the next day, returning the trend to positive territory.

LINK ETFs have been among the better-performing altcoin Spot ETFs overall. Only Avalanche (AVAX) has avoided any outflows since its ETF launch.

The Chainlink Reserve has also been growing. In June alone, the reserve accumulated 593,088 LINK worth more than $4.6 million. The total reserve now stands at 4,504,167 LINK, creating a degree of supply tightening in the market.

Key Levels to Watch

For LINK to show a near-term recovery, analysts are watching the $8.40–$8.50 zone as the first resistance level. A break above that range could open the path toward $9.00, which would represent a gain of over 15% from current prices.

If the $7.20 support breaks, the next area of concern falls around $7.00. Holding above $7.20 remains the key condition for any bullish scenario to play out.

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