On-chain data from Santiment reveals that Chainlink holder wallets have surpassed 535,000, reaching the highest level recorded since December 2022. The milestone highlights growing network participation even as LINK continues to trade at depressed levels far below previous cycle highs.
According to Santiment, the steady increase in holder count suggests investors remain committed to the asset despite months of disappointing price performance. While many cryptocurrencies experience declining participation during market weakness, Chainlink’s holder base has continued to expand, creating a noticeable divergence between network growth and price action.
Price Stays Below Key Moving Averages
LINK is currently trading around the $8 level after losing several important support zones in recent months. The asset remains below its 50-day, 100-day and 200-day moving averages, confirming a broader downtrend. Price action has formed a series of lower highs and lower lows, favoring sellers.
However, momentum indicators suggest bearish pressure may be slowing. The Relative Strength Index has moved closer to oversold territory following the recent declines, indicating exhaustion potential. The combination of rising holder counts and a near-oversold RSI often signals accumulation phases in historical patterns.
Investors Accumulate as Network Expands
Wallet growth has continued despite the bearish technical structure. Rather than reducing exposure, many investors appear to be accumulating LINK while prices remain low. The number of holder wallets has now climbed to levels last seen more than three years ago, reflecting confidence among long-term participants.
Chainlink’s expanding role in the digital asset ecosystem helps explain this trend. As a leading blockchain oracle provider, the network is deepening its involvement in tokenization, cross-chain infrastructure, and real-world asset (RWA) applications, sectors that have attracted growing interest across the industry. Investors are likely positioning for the network’s future utility beyond the current price weakness.