Chainlink's 24% price surge in recent weeks is not matched by new wallet growth (<2%), suggesting potential selling pressure and weak organic demand.
Macro & Markets ·
Chainlink's LINK token gained roughly 24% since the start of September, yet on-chain metrics paint a divergent picture. New wallet creation climbed by less than 2% during the same window, indicating a substantial disconnect between price appreciation and organic user adoption. By comparison, Solana recorded a 33% expansion in new addresses paired with a 20% price rise, and Ethereum saw an 11% gain despite essentially flat address growth.
Transaction flows to major exchanges have intensified selling activity. Large volumes of LINK moved to Binance, exerting downward pressure on the asset. The token retreated from a peak of $15.80 to $13.40, reflecting this distribution activity.
The divergence raises questions about the durability of the rally. Whether the price recovery reflects genuine demand or speculative positioning—and whether new user growth will eventually follow—remains unclear.