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The Chainlink ecosystem saw its largest network engagement jump in eight months over the past week, according to on-chain data compiled by Santiment. On May 9, 282,170 distinct LINK wallet addresses were active, followed by 264,090 active addresses on May 10. Santiment said these levels represent the strongest network participation since September 2025.
Santiment linked the surge to concrete infrastructure developments rather than speculative trading. On May 7, Solv Protocol announced plans to transfer more than $700 million worth of Bitcoin-pegged tokens—specifically SolvBTC and xSolvBTC—from LayerZero infrastructure to Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
The move followed a security assessment connected to an April 18 Kelp DAO security breach. In that incident, malicious actors extracted approximately 116,500 rsETH through a LayerZero-connected bridge. After the breach, Kelp DAO also disclosed plans to transition its rsETH framework to Chainlink CCIP infrastructure.
Santiment described the developments as a major shift of institutional-scale DeFi infrastructure away from LayerZero and toward Chainlink’s cross-chain ecosystem, adding that the elevated address activity points to genuine protocol usage.
The network engagement increase coincided with accumulation trends across the Chainlink ecosystem. Santiment reported that addresses holding between 100,000 and 10 million LINK increased their holdings by 32.93 million coins over the last 30 days.
In addition, about 13.5 million LINK was moved from centralized trading platforms over a five-week period, which market observers interpreted as declining selling pressure.
CoinMarketCap data showed LINK trading at $10.40, up 1.12% over the past 24 hours. The token previously touched a 2026 low of $7.60 before recovering and moving above its 20-day, 50-day, and 100-day moving average indicators.
Derivatives data indicated rising trader participation, with LINK open interest up 1.31% to $498.37 million. However, trading volume fell 20.83% to $551.43 million, suggesting some hesitation in near-term activity.
Analyst Clifton Fx highlighted a descending broadening wedge forming on LINK’s daily chart. Technicians typically look for an upside breakout beyond the wedge’s upper boundary line, ideally supported by a momentum candle and higher trading volume.
Measured targets cited in the analysis suggest a potential 100% to 150% price move if the breakout occurs, with 21 dollars identified as an upside target. The Relative Strength Index is at 70.05, indicating overbought conditions that could lead to near-term consolidation.
For resistance levels, the next major barrier is the 200-day Exponential Moving Average at $11.47.
Santiment pointed to the CCIP migration announcements from Kelp DAO and Solv Protocol as the latest catalyst behind the eight-month peak in active LINK addresses recorded on May 9 and May 10.
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