- Chainlink added 6,182 new wallets in two days.
- LINK’s price must clear $8.31 to strengthen its recovery.
- Technical indicators lean more bearish than bullish.
Chainlink (LINK) is showing a rare divergence between its on-chain activity and price action.
While the token has struggled to recover from recent losses, network activity has accelerated at its fastest pace this year, raising questions about whether the increase in network activity can eventually translate into a price rebound.
At the time of writing, LINK is trading around $7.30, up just 0.3% over the past 24 hours.
Despite the modest daily gain, the broader trend remains weak.
LINK has declined 8.7% over the past week, 20.3% over the last 30 days, and 45.8% over the past year.
Chainlink network activity reaches highest level of 2026
Recent on-chain data showed that the Chainlink network added 6,182 new wallet addresses in just two days, marking its strongest two-day growth of 2026.
TL;DR: Chainlink network growth erupts with two highest on-chain days of the year
Metrics used: Network Growth
Link to chart: https://t.co/V88ThZQNSiBREAKING: Chainlink just posted its two strongest network growth days of 2026, with 3,142 new LINK wallets on June… pic.twitter.com/H0FVqxDvwB
— Santiment Intelligence (@SantimentData) June 26, 2026
The increase was spread across two consecutive days, with 3,142 new wallets created on June 25 and another 3,040 on June 26.
Such growth is often viewed as a sign of rising user participation because it reflects fresh addresses interacting with the network during a period when the token itself has been under selling pressure.
The surge is particularly notable as it came while LINK was trading close to multi-month lows instead of a rally.
In many cases, rapid wallet growth accompanies rising prices as new investors enter the market.
This time, the increase in network activity arrived even as the token remained below several important resistance levels.
Chainlink continues to maintain a total value locked (TVL) of about $28.841 billion, showing that the protocol remains one of the largest decentralised oracle networks despite recent weakness in its token price.
Some market observers have pointed to the divergence between improving on-chain metrics and weaker prices as evidence that network usage has remained resilient.
However, address growth alone does not guarantee higher prices, particularly when broader market conditions remain under pressure.
Bearish technical indicators continue to dominate
Despite the encouraging on-chain data, technical indicators still favour the sellers.
From a technical perspective, LINK is trading below its 10-day, 20-day, 50-day, 100-day, and 200-day EMAs, leaving every major moving average above the current price and acting as resistance.
Remaining below the 200-day EMA also suggests that the longer-term trend has yet to turn positive.
Momentum indicators offer a slightly more balanced view.
The 14-day Relative Strength Index (RSI) stands at 32.21, keeping the token above the traditional oversold threshold of 30 but still close enough that trading volume could play a decisive role in the next move.
On the weekly timeframe, the RSI is 33.23, indicating that bearish momentum has eased compared to earlier weeks, although the broader trend remains under pressure.
Key Chainlink price levels to watch
The technical structure leaves several important price levels in focus.
Immediate support sits at $7.02. If the token closes below that level, the current support structure would weaken significantly and could expose LINK to additional downside.
On the upside, traders are watching $8.31, which represents the first major resistance level.
A confirmed close above that price would improve the technical outlook and could allow LINK to challenge the next resistance around $9.19.
Some technical analysts have also highlighted the possibility of a double-bottom formation if support continues to hold.
Under that scenario, a sustained breakout above resistance could eventually open the path toward the $9 region.
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