Chainlink (LINK) — the token of the decentralised oracle network that supplies blockchains with off-chain data such as price feeds — traded back toward $13.20 on October 7, and the pullback has drawn attention to an unusual feature of the recent rally: price gains have not been matched by growth in new LINK addresses.

Data from on-chain analytics firm Santiment show LINK rose roughly 24% between the September 1 and October 6 closes, while average daily new-address creation grew by less than 2%. With momentum cooling, the market's focus now rests on the $13.10-$13.30 support band.

$13.20 has become LINK's immediate test

LINK traded near $13.36 at 11:48 UTC on October 7, down 4.28% on the day. The decline returned the price to the area where September's advance first began to hold above earlier resistance.

Measured from September's low of $10.6 to the late-September high of $15.7, the Fibonacci range — a set of fixed ratios many traders use to map where pullbacks may find support — places the 0.382 retracement at $13.80. LINK had closed around or above that level in several recent sessions, even though intraday lower wicks had already crossed it. The latest move has now left $13.80 behind, raising the stakes on whether buyers can defend the next support band.

That band runs from $13.10 to $13.30 and is centred on the 50% Fibonacci retracement near $13.19. LINK's low of $13.23 has already reached it. Price also paused around this range during September before moving higher, and an early-October pullback drew buyers back to the same neighbourhood. Those earlier reactions give the zone more significance than a calculated retracement alone.

Former resistance can flip into support when buyers continue accepting higher prices after a breakout, a dynamic explained in Fidelity's guide to support and resistance. The daily close and the sessions that follow will show whether that role still holds.

Momentum has weakened alongside price. The daily RSI — a momentum indicator measured on a 0-100 scale — sits near 51 and below its smoothing line at 62, while LINK has also slipped beneath a steep rising trendline. Together, those readings leave the latest leg of the rally on less secure footing just as price reaches its first important support test.

New LINK addresses barely grew during the rally

Santiment reported on X that LINK rose from $11.22 to $13.96 between the September 1 and October 6 closes, a gain of roughly 24%. Average daily new LINK addresses reached 1,249 in the four weeks to October 6, compared with 1,225 in the four weeks to September 1 – an increase of fewer than 2%.

The price move therefore did not come with a comparable expansion in first-time Ethereum-mainnet participation. That does not mean LINK lacked demand. Existing holders, large wallets, exchange activity and outside Ethereum can all influence price without producing a large increase in new LINK addresses.

Santiment's network-growth metric counts addresses transferring LINK for the first time, rather than unique investors or the value of their purchases. The series covers Ethereum mainnet and excludes cross-chain activity and ETF exposure. Chainlink also presents a separate case: demand for its oracle services can grow through integrations without creating a matching rise in first-time token transfers.

The address data cannot decide whether $13.20 holds, but it adds context to the pullback. LINK is testing the breakout area after a rally that did not bring comparable growth in first-time mainnet addresses, leaving price behaviour at support more important than the headline gain alone.

The support map below $13.20

If LINK closes below the $13.10-$13.30 area and fails to regain it, the chart provides three lower zones to monitor. The first deeper support cluster sits near $12.40-$12.65.

A move into that first lower cluster would slow the recovery, though the broader structure would remain intact while LINK stays above its 50-day, 100-day and 200-day moving averages. Those averages sit well below the current price, so they offer little help in deciding the immediate contest around $13.20.

LINK needs $13.80 back before the pullback looks contained

LINK would need to regain $13.75-$14.00 and hold there before buyers could argue that the pullback has been absorbed. Such a recovery would bring $14.20-$14.60 into view, where recent lower highs overlap with the 0.236 retracement near $14.5. The larger ceiling remains between $15.40 and $15.7.

A clearer rise in first-time LINK address activity during any recovery would offer a useful second check on its strength. Until then, the market's immediate answer lies at $13.10-$13.30: holding that range would preserve September's breakout shelf, while losing it would widen the pullback toward the lower support clusters.

This article is for informational purposes only and does not constitute investment or trading advice. Technical levels and network metrics can change quickly and do not guarantee future price movements.

This article originally appeared on Coindoo.