- Chainlink added 6,182 new wallets in two days.
- LINK’s price needs to clear $8.31 to strengthen its recovery.
- Technical indicators are trending bearish rather than bullish.
Chainlink (LINK) is showing rare differences between on-chain activity and price action.
While the token struggles to recover recent losses, network activity has accelerated to its fastest pace this year, raising questions about whether the increase in network activity could eventually lead to a price rebound.
As of this writing, LINK is trading around $7.30, up 0.3% in the last 24 hours.
Despite the small daily uptick, the overall trend remains weak.
LINK is down 8.7% over the past week, down 20.3% over the past 30 days, and down 45.8% over the past year.
Chainlink Network Activity Reaches Highest Level in 2026
According to recent on-chain data, the Chainlink network recorded its strongest two-day growth of 2026, adding 6,182 new wallet addresses in just two days.
✍️ TL;DR: Chainlink network growth explodes with two of the highest on-chain days of the year.
📊 Metrics Used: Network Growth
🔗Chart link: https://t.co/V88ThZQNSi📈 BREAKING NEWS: Chainlink recorded its two strongest network growth days of 2026, with 3,142 new LINK wallets in June. pic.twitter.com/H0FVqxDvwB
— Santiment Intelligence (@SantimentData) June 26, 2026
There were two consecutive days of increase, with 3,142 new wallets created on June 25th and 3,040 new wallets created on June 26th.
This growth is often seen as a sign of increased user engagement as it reflects new addresses interacting with the network during a period when the token itself is under selling pressure.
This surge is particularly noteworthy because it occurred while LINK was trading close to multi-month lows instead of rebounding.
In many cases, rapid growth in wallets is accompanied by rising prices as new investors enter the market.
This time, network activity increased despite the token remaining below several important resistance levels.
Chainlink continues to have a total value locked (TVL) of approximately $28.841 billion, showing that the protocol remains one of the largest decentralized oracle networks despite recent weakness in token prices.
Some market observers have pointed to the gap between improving on-chain metrics and falling prices as evidence that network usage remains resilient.
However, increasing addresses alone does not guarantee higher prices, especially when broader market conditions remain under pressure.
Bearish technical indicators continue to dominate.
Despite encouraging on-chain data, technical indicators still favor sellers.
From a technical perspective, LINK is trading below the 10-day, 20-day, 50-day, 100-day and 200-day EMAs, with all major moving averages remaining above the current price and acting as resistance.
Remaining below the 200-day EMA means that the long-term trend has not yet turned positive.
Momentum indicators provide a slightly more balanced view.
The 14-day Relative Strength Index (RSI) is at 32.21, keeping the token above the traditional oversold threshold of 30, but still close enough for volume to play a decisive role in its next move.
On a weekly basis, the RSI is 33.23, indicating that the bearish momentum has eased compared to the previous week, although the overall trend remains under pressure.
Key Chainlink price levels to watch out for
The technical structure focuses on several important price levels.
Instant support is $7.02. If the token closes below that level, the current support structure could be significantly weakened, exposing LINK to further downside.
On the positive side, traders are looking at $8.31, which represents the first major resistance level.
A confirmed close above that price would improve the technical outlook and allow LINK to challenge the next resistance around $9.19.
Some technical analysts have also highlighted the possibility of a double bottom forming if support continues to hold.
In this scenario, a sustained break above resistance could eventually pave the way to the $9 region.