Chainlink (LINK) token delivered a solid 24% from the September 1 close through October 6, climbing from $11.22 to $13.96.
Price action carried that strength into the opening days of October, even as broader market chatter focused on network participation metrics.
Santiment’s latest data, however, shows new Ethereum-mainnet addresses barely budged during the same window.
Did New Wallets Drive Chainlink’s Recent Price Strength?
No, new wallets did not contribute much to the fortunes of the LINK token. The average daily new LINK addresses rose from 1,225 in the four (4) weeks ending September 1 to just 1,249 in the four weeks ending October 6—an increase of under 2%.
Meanwhile, Solana recorded a 33% jump in new addresses on a roughly 20% price move, and Ethereum’s new-address count stayed essentially flat while ETH advanced about 11%. The divergence stands out.
Why Does the Address Growth Matter for Chainlink?
Fresh addresses often signal broader retail interest. When price rises without a matching influx of new wallets, existing holders and larger accounts typically absorb most of the demand.
In this case, the limited growth suggests the rally leaned more on conviction among current participants than on an expanding user base.
Still, Santiment notes an important caveat: the figures capture only LINK activity on Ethereum mainnet.
Tokens moved through Cross-Chain Interoperability Protocol (CCIP) or held via exchange-traded funds (ETFs) sit outside that count.
How Does Chainlink’s Performance Compare with Peers?
LINK’s 24% advance outpaced both Solana and Ethereum over the measured period.
At the same time, its network-growth metric lagged far behind Solana’s and matched Ethereum’s muted pace.
That combination—stronger price, quieter address creation—appears repeatedly in mature infrastructure tokens when institutional or protocol-level demand leads the way.
Further, the early-October price levels near $14 kept the token well above its early-September base.
What Factors Beyond Wallet Counts Support Chainlink Right Now?
Protocol developments continue to land. Recent upgrades around CCIP and new institutional tooling expand the ways value moves across chains and into traditional systems.
These releases tend to attract capital that already understands the oracle and interoperability story rather than purely speculative retail flows.
In addition, the market has grown more selective; tokens with clear real-world utility often reprice on existing demand before new addresses confirm wider adoption.
Can the Price Hold If New Address Growth Stays Low?
History shows both paths are possible. Some rallies consolidate and later attract fresh wallets; others fade when the initial buyers take profits.
For now, the data simply record a clear gap between price performance and mainnet address creation.
Observers tracking Santiment’s dashboards must watch whether the next leg higher finally brings a measurable uptick in new participants or continues to rely on the same cohort of holders.
Chainlink’s 24% rise into early October highlights how price and on-chain participation can diverge.
The token moved higher while new Ethereum addresses barely increased, leaving open questions about the depth of the current demand.
