Chainlink wallets hit 535K, can
$LINK price reclaim $8.78?
#Chainlink traded near $7.86 on June 9 as growing wallet participation created a contrast with its weak price structure.
🔸Chainlink wallets holding at least one LINK reached 535,000, their highest total since December 2022.
🔸LINK remains below short-term moving averages, leaving $8.03 and $8.78 as key recovery barriers.
🔸ETF inflows and rising open interest support demand, while weak money flow still limits momentum.
Money flow shows sellers still hold an advantage
The Chaikin Money Flow indicator stands near -0.10. A negative reading shows that selling activity and capital leaving the market currently exceed buying pressure.
This weak money flow limits the strength of the wallet-growth signal. LINK could continue gaining holders while its price remains under pressure if those wallets hold only small balances.
Momentum data presents a similar setup. The relative strength index recently stood near 35 after recovering from oversold levels. That suggests selling pressure has eased, but buyers have not yet established strong momentum.
The MACD and its signal line also remain below zero. The negative position confirms that the wider trend remains bearish, even as the latest rebound attempts to stabilize above $7.80.
A breakout would require price, volume, and money flow to improve together. A close above $8.03 without stronger capital inflows may struggle near $8.78.