19 Million Chainlink Tokens Unlocked and Moved to Binance, Is LINK Price Surge Nearby?
Oracle service provider chainlink (LINK) was on investors’ radar with a staggering 17% rise early Thursday. LINK price aims for another 30-40% growth as it exceeds the $17.50 levels. In recent developments, a large amount of LINK tokens have been moved to crypto exchange binance, according to on-chain data. What happens next?
15 Million Chainlink Moved to Binance
In a recent development, 19 million Chainlink (LINK) tokens worth approximately $341 million were unlocked from three Chainlink non-circulation supply contracts. A breakdown of the transaction reveals that 15.95 million LINK tokens, equivalent to $287 million, were deposited on the Binance platform, while 3.05 million LINK tokens, worth $54.3 million, were transferred to the 0xD50f Multisig address.
This latest activity marks a continuation of Chainlink’s unlocking trend, with a cumulative total of 106 million LINK tokens unlocked since August 2022. As of now, there are 412.5 million LINK tokens distributed across these 24 contracts, worth $7.35 billion. Despite ongoing unlocks and token movements, the LINK token has surged nearly 25% over the past seven days.
However, it is noteworthy that the token price has exhibited a slight decline in the two most recent unlocks, despite being well maintained in previous instances. At the time of writing, LINK price is trading at $17.74, down 0.85%, with a market cap of $10.35 billion.
Upcoming LINK Price Expectations
Interestingly, the price tends to increase after each deposit and unlocking of contracts. The latest price drop is very small compared to Thursday’s rally, which shows that the bulls are still in control of the rally.
Chainlink (LINK) is showing signs that it is well positioned for further gains in the market, according to predictions from crypto analyst Ali Martinez. On-chain analysis highlights a notable resistance level at $20, and data reveals that 5,330 addresses collectively hold approximately 8.59 million LINK tokens at this price point.
Kindness: Ali Martínez
The significance of this resistance level demonstrates the concentration of significant LINK assets across a large number of addresses and highlights the potential impact on market dynamics as Chainlink approaches the $20 mark. Investors and market participants are closely monitoring these on-chain indicators as they provide valuable information about potential price movements and overall sentiment surrounding Chainlink in the crypto market.
✓ Share:
Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Million #Chainlink #Tokens #Unlocked #Moved #Binance #LINK #Price #Surge #Nearby
