Chainlink (LINK), the native token of a major decentralized oracle network, has shown a disconnect between its price and network activity. Although the price lost the $8 level, the number of wallets holding at least 1 unit of the token reached its highest level since December 2022.
Last week from June 3rd to 9th, 2026. Chainlink went from $8.82 to $7.92, down more than 9%..
Despite this decline in asset prices, data provided by on-chain analytics firm Santiment shows that It shows that the Chainlink network currently contains 535,430 wallets containing at least 1 unit of token.
“What makes this particularly important is that the growth occurred even as LINK prices remained well below cycle highs,” the analyst noted.
In the previous graph, we can see the yellow line representing the increase in the number of wallets with at least one link from June 2021 to June 2026. For Santimento analysts, this performance is “important because it measures participation, not speculation.”
In other words, prices can rise or fall depending on short-term sentiment, but A continued increase in the number of wallets is often interpreted as a sign of continued interest within the ecosystem.
However, this type of indicator has limitations. This data allows us to count addresses, but it does not allow us to determine who controls the addresses. In other words, A wallet can belong to an exchange, an institutional custodian, an investment fund, or an individual user.described by CriptoNoticias.
It is also important to clarify that a wallet is not necessarily equivalent to an individual or an entity. One participant can control multiple addresses with LINK, so An increase in wallets does not automatically mean an equivalent increase in the number of users.
Still, Santiment believes this trend is positive for the network. “The increase in new participants to the ecosystem is encouraging, especially during times of market uncertainty,” the company said.
The increase in the number of wallets holding LINK also coincides with a period of greater organizational activity on Chainlink. As reported by CriptoNoticias, during the month of May, developments related to Kraken, Fidelity International, and DTCC, one of the major post-trading infrastructures of the US stock market, came to light.
In this development, Kraken selected this network to improve the interoperability of kBTC, the tokenized version of Bitcoin.. Fidelity International uses the Chainlink infrastructure of its tokenization fund, FILQ.
As such, Santiment believes the cryptocurrency, which currently ranks 17th by market capitalization (valued at $5.7 billion), “could be a bullish breakout candidate when the market picks up again.”
(Tag translation) Altcoin
