Key Highlights
- Chainlink (LINK) currently trades near $10, climbing almost 10% over the past week following a breakout above critical resistance zones.
- LINK spot ETFs attracted $532,900 in fresh capital on Wednesday, marking the first positive flows after almost two weeks of dormancy.
- Network metrics reveal increasing daily active addresses, transaction volumes, and overall growth patterns since the beginning of May.
- Derivatives markets saw futures Open Interest surge from $366 million to $495 million between Sunday and Thursday.
- Large holders controlling 100K–10M LINK tokens increased their positions by 32.93 million coins over the last 30 days, representing a 7.7% expansion.
Chainlink has posted an impressive weekly gain approaching 10%, driving the asset to approximately $10.10 as both institutional capital and blockchain metrics signal strengthening buyer momentum.
This upward movement comes after an extended consolidation phase near multi-month support levels. LINK has retreated over 80% from its peak of $52.99 reached in May 2021. The cryptocurrency continues to trade beneath its 200-day Exponential Moving Average positioned at $11.50, representing a significant resistance threshold.
Investment products tracking LINK in the spot market saw $532,900 in net inflows on Wednesday, based on data from SoSoValue. This marked the first substantial positive flow activity in approximately two weeks. Sustained inflows could generate additional upward price momentum.
Earlier this week, State Street Investment Management partnered with Galaxy Asset Management to unveil the State Street Galaxy Onchain Liquidity Sweep Fund. This innovative product leverages Chainlink’s NAVLink solution to provide real-time Net Asset Value information on-chain and utilizes its Cross-Chain Interoperability Protocol for seamless blockchain integration.
Blockchain analytics from Santiment indicate that daily active addresses, transaction volumes, and network expansion have all shown upward trajectories since the start of May. These data points point to expanding user engagement and increased network utilization.
Major Holders Reach Peak Accumulation
Blockchain intelligence platform Santiment identified a significant trend in wallet distribution analytics. Addresses containing between 100,000 and 10 million LINK tokens acquired an additional 32.93 million coins throughout the previous month, marking a 7.7% portfolio increase. The quantity of wallets within this category reached a new all-time high, exceeding 461,000.
ChainLink’s key stakeholders that hold between 100K-10M $LINK have been aggressively accumulated over the past month. These whales & sharks have accumulated 32.93M more coins (a +7.7% increase) in just one month.
What makes this accumulation particularly significant is who… pic.twitter.com/qhY3xUOUMT
— Santiment Intelligence (@SantimentData) May 7, 2026
Santiment characterized this wallet segment as Chainlink’s “most active and committed cohort.” The analytics firm observed that historically, substantial accumulation by this investor group has typically preceded price appreciation rather than following it.
Derivatives activity measured by futures Open Interest expanded significantly from $366 million recorded on Sunday to $495.74 million by Thursday, per CoinGlass data. When Open Interest rises in tandem with price increases, it generally indicates fresh capital flowing into the market.
Chart Analysis
LINK has successfully moved above both its 50-day EMA positioned at $9.29 and its 100-day EMA at $9.84. The Relative Strength Index currently hovers around 66, nearing overbought levels. The MACD indicator maintains positive momentum with an expanding histogram.
$LINK broke its downtrend within this massive 6-year long pennant.
$23 by October? pic.twitter.com/I5kf8DJIcN
— Quinten | 048.eth (@QuintenFrancois) May 7, 2026
The next resistance level appears at $10.77, corresponding to the 50% Fibonacci retracement calculated from January’s peak to February’s trough. A more significant supply concentration exists between $11.50 and $12.07.
Looking at potential downside targets, initial support emerges at $9.92, followed by the 100-day EMA at $9.84.
Chainlink maintains strategic collaborations with major financial institutions including UBS, Euroclear, and the SWIFT network. These partnerships concentrate on facilitating interbank settlements, automating transaction processes, and enabling real-world asset tokenization. The State Street Galaxy fund introduction this week represents the newest expansion of that partnership ecosystem.
The post Chainlink (LINK) Rallies 10% as Whale Holdings Soar and ETF Money Returns appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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