- Chainlink crypto’s accumulation trend aligns with rising sentiment and a return of taker buy dominance.
- Resistance at $15.53 remains the key hurdle despite bullish signals across derivatives and spot metrics.
Since early June, Chainlink’s [LINK] on-chain dynamics have shown an unusual divergence: active wallets dropped 17.3%, yet total non-empty wallets surged to a record 769,380.
This suggests long-term holders are accumulating while short-term activity declines, pointing to reduced sell pressure and a healthier distribution structure.
In the past month alone, 7,903 new wallets joined the LINK network—a 1.05% increase.
This trend places Chainlink’s 365-day MVRV ratio in a historically favorable zone. At the time of writing, LINK traded at $13.38 after gaining 2.62% in the last 24 hours, attracting attention from investors and speculators alike.
Can LINK break its downtrend after reclaiming $13?
LINK recently bounced from the $11.68 support, rising back above $13.30 and challenging its descending resistance line. While the move appears promising, the real test lies at the $15.53 level.
A breakout above this range could flip the current bearish structure and open the path toward $17.93. However, failure to sustain above the trendline might prompt a pullback to the $11–12 zone.
Therefore, bulls must maintain momentum and volume to confirm a true breakout.
For now, the price action hints at a cautious but growing optimism among traders watching these levels closely.
Source: TradingView
Chainlink crypto becomes the talk of the town
Chainlink’s social dominance has surged to 1.202%, its highest reading since April, reflecting renewed buzz and growing trader attention.
This spike comes as LINK reclaims critical support, signaling a potential narrative shift in the market.
Simultaneously, Weighted Sentiment has jumped to 4.76—its strongest reading in over two months—indicating that crowd psychology has flipped decisively bullish after weeks of neutrality.
However, while rising attention and optimism fuel momentum, they also increase the risk of hype-driven pullbacks. Sustained buying pressure will be key to validating this sentiment shift and preventing premature exhaustion.
Source: Santiment
Derivatives traders slowly returning
After weeks of negative funding, Binance’s LINK Funding Rate has now flipped slightly positive to 0.01%. This shift reflects a subtle return of bullish bias in the perpetuals market.
It also indicates that shorts are no longer aggressively dominating the order books, creating room for potential long build-up.
While Funding Rate remains modest, its reversal from deeply negative zones shows a change in sentiment among leverage traders. If this trend holds, it could support a more sustained upside attempt in the coming sessions.
Source: Santiment
Are spot traders leading the charge?
Taker buy dominance on spot markets confirmed real demand behind LINK’s recent rally. The cumulative volume delta (CVD) for market buys remained positive, showing that investors are executing trades at the ask.
This supports the narrative that the recent price push is not merely speculative or derivatives-driven. When taker buy flows increase alongside rising wallet counts and bullish sentiment, it suggests genuine accumulation.
Continued strength in spot demand could help LINK sustain momentum and attempt a breakout above key resistance.
Source: CryptoQuant
LINK sets the stage, but can it break free?
Chainlink’s recent metrics collectively paint a bullish setup. Wallet accumulation is rising, sentiment has flipped, and buying pressure is evident both on-chain and in the spot market.
While resistance at $15.53 remains a hurdle, sustained taker demand and improving funding rates could tip the balance in bulls’ favor.
If momentum continues, LINK could invalidate its multi-month downtrend and push toward the $17 range. For now, all eyes are on whether this confluence of factors can fuel a decisive breakout.
