Chainlink Sees Surge in New Wallets as LINK Tests Key Resistance

Key Insights

Chainlink saw 2,995 new daily wallets on August 18, indicating rapid user activity growth parallel to LINK’s rally to $25.79.

LINK’s price nears multi-year resistance at $25–26, with technical patterns suggesting a possible move toward $40–50 if confirmed.

Continued wallet growth above 2,000 daily and volume upticks will be key indicators of sustained momentum or potential price reversals.

On August 18, Chainlink recorded 2,995 new daily wallet addresses, the highest daily increase since March. The uptick in wallet activity aligned with LINK’s price reaching $25.79, marking a significant step in Chainlink’s current rally. The surge in address creation indicates heightened user engagement across the network, often interpreted as a leading indicator for price strength.

Chainlink’s token tested a technical resistance level between $25 and $26. This zone is tied to a descending trendline formed after the asset peaked in 2021. LINK's current movement marks the closest approach to this level in over two years, with analysts closely watching for potential breakout confirmation.

On-chain activity mirrors previous breakouts

From April through May, daily address creation ranged between 800 and 1,600 while LINK traded between $10 and $15. By mid-July, daily wallet numbers rose to around 2,000 as LINK moved above the $15 threshold. The latest spike near 3,000 wallets, coinciding with the $25.79 price level, signals an expanding user base and increased confidence in the asset.

Source: TradingView

Market watchers are focusing on LINK’s ability to sustain a move beyond $28. If confirmed by trading volume and continued on-chain engagement, price projections suggest a target between $40 and $50. The resistance zone between $25 and $26 remains a key threshold, determining whether the current rally can accelerate or face rejection.

Downside levels to monitor in the event of a rejection

If LINK fails to confirm a breakout above the current resistance, analysts highlight the $15 to $17 range as an initial support zone. This level previously acted as the breakout base in July. A more extended correction could send the token back toward $8.20, a long-term structural support formed during the 2022–2023 consolidation period.

The current momentum stems from a clear adoption trend. LINK’s price trajectory appears to be supported by a consistent rise in on-chain wallet creation, underscoring real-time user growth. Volume confirmation remains essential in validating this trend’s durability through the next market phases.

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