The supply shortage remains one of the main drivers of long-term growth.
Technically, when a portion of the circulating supply is locked, the valuation per coin tends to increase due to the reduced available supply. If this supply contraction occurs simultaneously with rising demand, the market will be conducive to a strong upward move driven by scarcity.
However, the story is not just about price charts. Supply “shocks” also help reinforce investors’ confidence in holding. Nevertheless, the question remains: has the recent LINK accumulation by Chainlink truly strengthened this argument, especially considering LINK has underperformed the overall market?
Chainlink activity signals potential driven by scarcity.
Recently, Chainlink announced that their reserve fund added 99,103 LINK — the largest single purchase to date. As a result, the total LINK locked in reserves reached 1.77 million, further reducing circulating supply on the market.
According to the data mentioned, this figure represents a 377% increase compared to 371,000 LINK before Q4/2025 — meaning about 1.4 million LINK have been added since then. However, the impact of this supply tightening has not yet clearly reflected in price movements.
Notably, Chainlink funds its accumulation activities through both on-chain and off-chain revenue, indicating a relatively solid level of application and network usage. The disconnect between platform activity and price performance highlights a question: is LINK being undervalued by the market?
Network activity signals: potential growth driven by scarcity
In the current context, being “undervalued” can sometimes be a positive signal. And LINK seems to fit this scenario.
Chainlink acts as an infrastructure connector, generating revenue from fees whenever smart contracts on other blockchains use their oracle — for example, a DeFi lending protocol relying on Chainlink’s price feeds.
Recently, fees on 13 blockchains hit all-time highs, with Ethereum alone recording around $6.8 million. This indicates increasing demand for Chainlink’s services, and network usage is creating real value.
Source: DeFiLlama
In other words, on-chain revenue is directly contributing to the LINK reserve fund.
However, this has not yet been proportionally reflected in the price. LINK is one of the worst-performing assets, down 39% in Q4/2025 and continuing to decline by 11.7% since the beginning of 2026. Nonetheless, much of this correction may be driven by widespread FUD sentiment in the market.
Conclusion
With strong on-chain activity, clear fee-generating potential, and a systematic accumulation strategy, Chainlink demonstrates a solid fundamental foundation. If market demand recovers, LINK could trigger an upward move driven by scarcity — and the current weakness phase might be viewed as an attractive accumulation/entry point for risk-tolerant investors.
Mr. Giáo
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