Chainlink Price Slows Down, Stalls at $18 Level
The price performance of Chainlink has been a major highlight, with a 25% increase in the last seven days. However, the altcoin is facing some challenges as it struggles to hold above the $18 level. While this sluggishness is expected to pass soon, it raises the question of why the Chainlink price is stalling.
16 Million LINK Tokens Transferred To Binance
An on-chain revelation sheds light on the bearish pressure affecting the Chainlink price. SpotOnChain, a crypto analytics firm, reveals that 19 million tokens (worth $341 million) were recently unlocked from Chainlink’s non-circulating supply contracts. Out of this, 15.95 million tokens were moved to Binance, while 3.05 million were transferred to a multi-sig wallet.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
This is not the first time such transactions have occurred. In fact, since August 2022, Chainlink has unlocked and sent a total of 88.95 million LINK tokens to Binance.
Chainlink Records Multi-Month High in Transaction Volume
Despite the current slowdown in price, recent on-chain data indicates that Chainlink’s network activity has increased significantly. The surge in transaction volume, reaching its highest point in almost two years, could be a positive sign for the altcoin’s future performance.
On Friday, February 4th, over 72.24 million LINK tokens (equivalent to $1.3 billion) were transacted on the network.
Hot Take: Chainlink Faces Bearish Pressure Amidst Unlocking and Increased Transaction Volume
The recent unlocking of millions of LINK tokens from Chainlink’s non-circulating supply contracts, along with the surge in transaction volume, has put pressure on the altcoin’s price. While the price currently faces some challenges, positive network fundamentals and increased activity could help Chainlink regain its bullish momentum in the near future.
