Key highlights:
- The LINK price is testing the key $8.50-$8.52 resistance zone after reclaiming support near $8.30
- Glassnode data shows active addresses and transfer activity rebounding, pointing to improving network participation
- Traders are watching for a breakout toward $9.50, with the broader tokenization narrative supporting long-term interest
If you’ve been watching the data showed active addresses rising from roughly 3.1K-3.5K to nearly 3.8K before LINK moved toward $8.30. Transfer count climbed from about 6.7K to more than 8.4K over the same period.
After that local top, both metrics dropped sharply, with active addresses falling to roughly 2.6K and transfers to around 6.2K. That looked like profit-taking and a temporary cooling-off phase.
The more encouraging development is what happened afterward. The latest readings showed active addresses recovering to roughly 3.4K and transfers rebounding to about 8.2K at the same time the LINK price returned to the $8.45 area.
What could happen to LINK next?
In the near term, the market is focused on $8.52. A daily close above that level with stronger volume would make $9.50 the next obvious target. A breakout through $9.50 would also break the broader descending trendline and improve the medium-term structure considerably.
If the LINK price gets rejected again at the daily SMA 100, the first support is around $8.00, followed by the stronger demand zone near $7.00. Chainlink is entering a much more interesting phase than it has been in for months. The market does not need to believe in $200 for the LINK price to move materially higher from $8.45.
According to CoinCodex’s 1-month LINK price prediction, the LINK price is projected to trade around $9.77, which is modestly above the current trading area near $8.45. That points to a cautiously bullish near-term outlook.
Source:: Chainlink Price Prediction: Accumulation Strengthens as LINK Tests a Critical Level