Chainlink's Transaction Count Crashes, But Can It Hold $8.69?

Chainlink's transaction count has plummeted by 92.6% in recent days, raising concerns about its ability to sustain its upward momentum.

Despite this decline in on-chain activity, the native token has managed to hold firm and even climbed 3.36% over the past day as sentiment strengthens.

The Accumulation/Distribution indicator suggests that buying pressure remains strong, with accumulation building for weeks and reaching its highest level since May 12.

However, the protocol's softening on-chain performance and the presence of unfilled liquidity clusters below $8.69 pose a downside risk to Chainlink's price.