Chainlink is drawing attention after on-chain data showed a sharp increase in wallet growth even as its price remains under pressure.
Market watcher Whale Factor reported that the network added more than 8,000 new LINK wallets within five days, pushing the total number of non-empty addresses to nearly 892,800. The increase comes while LINK trades around $7.44, close to its recent local lows.
The recent statistics indicate the presence of a distinct gap between the performance of the Chainlink market and the activities within the network.
As can be seen, while the price of the coin has considerably fallen from its previous highs, the number of users of the coin has kept growing continuously.
According to the Whale Factor chart, the number of addresses has been increasing gradually even though there have been dips in price and lower highs, implying steady accumulation despite poor performance in the market.
Source: X
The growth in the number of non-empty addresses may be attributed to new people getting into the blockchain network.
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Chainlink Long-Term Support Faces Major Test
Another market analyst, Crypto Patel, focused on the long-term technical setup of Chainlink and mentioned the partnership between Amazon Web Services and Chainlink as a potential factor that would build further interest in tokenization.
Based on the analysis, LINK continues to trade in a multi-year accumulation pattern between $5.50 and $7.50 after the correction from the 2021 high above $50.
As the chart shows, Chainlink had already experienced a breakout from the descending channel formation for a long time in 2023 prior to the ascent towards the price range of $30 in 2024.
Source: X
The upsurge eventually became exhausted, forcing the cryptocurrency to return to the aforementioned support zone where many buyers had been coming into the market on different occasions over the last few years.
According to technical analysis, LINK is trading below the 0.618 Fibonacci retracement level at $9.88 and the 0.5 mark around $12.32, signaling the depth of the correction. Yet, today’s support at $7.27 is still considered to be a crucial level.
Recovery Depends on Buyer Strength
Assuming that buyers will keep protecting the accumulation area, the forecast highlights $18-$20 as primary levels to test for a rebound, while further upside resistance will emerge from the $31-$36 area.
The outlook suggests that the asset may move toward the $80-$100 mark on a much larger time horizon; however, such gains would probably be possible only in better cryptocurrency market conditions and growing volumes.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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