Chainlink price eyes $24 resistance as new wallets increase

Chainlink is trading near $22.52 as new wallets expand and fresh institutional adoption builds momentum, placing focus on the key $24 resistance level.

Chainlink is trading at $22.52, down 0.9% in the past 24 hours within a weekly range of $20.06–$23.00. The token has dropped 10% in the past week and 4% in the past month, though daily trading volume has risen to $963 million, up 6.1% from the day before. This suggests more market activity is returning even as the price holds below resistance.

Derivatives data from CoinGlass shows Chainlink (LINK) trading volume at $1.6 billion, down 3.2%, while open interest fell 2.9% to $1.32 billion. This points to fewer leveraged bets, which can ease sharp swings in price. At the same time, adoption on the network is climbing. 

Growing network activity

On-chain activity shows signs of strength. Data from Oct. 1, shared by analyst Ali Martinez, revealed that 1,963 new wallets were added to the Chainlink network in a single day, showing expansion in user adoption.

At the same time, institutional engagement is rising. Chainlink’s reserve, funded by enterprise fees, now holds more than 415,000 LINK, growing by over 46,000 tokens in a single day.

In addition, at the Sibos 2025 conference, Chainlink secured a major win at the Swift Hackathon and launched DataLink, a tool that lets firms such as Deutsche Börse bring real-time market data on-chain. With exchange balances at six-year lows, these updates point to a tightening supply backdrop that could support higher prices.

Chainlink price technical analysis

LINK is currently trading just below the resistance level of $24. The relative strength index at 49.6 indicates balanced momentum, while the majority of indicators are neutral. Short-term averages around $22 offer support, while the MACD indicates a slight upward bias.

Chainlink daily chart. Credit: crypto.news

Before a breakout, medium-term averages serve as barriers, such as the SMA30 at $22.7 and the SMA50 at $23.3. The overall trend is maintained by the significantly lower longer-term moving averages.

If LINK pushes above $24, Stronger inflows and adoption could lead to the next targets of $27 to $30. However, the price might drop back to the $20 range if it is unable to maintain support at $22. The market is at a crossroads right now, with fundamentals pointing upward and short-term momentum still cautious.