Chainlink Tokens Move to Binance
A significant amount of Chainlink (LINK) tokens, totaling 19 million and valued at around $341 million, have been unlocked from noncirculating supply contracts. Out of these tokens, 15.95 million LINK, worth $287 million, were deposited on the Binance platform, while 3.05 million LINK, valued at $54.3 million, were transferred to a Multisig address.
This unlocking event is part of an ongoing trend for Chainlink, with a total of 106 million LINK tokens being unlocked since August 2022. Despite the movement of tokens, the price of LINK has seen a surge of about 25% in the past week.
However, it’s important to note that the token’s price has experienced a slight dip during the most recent unlocks. Currently, the LINK price is trading at $17.74 with a market cap of $10.35 billion.
Expectations for the LINK Price
The price of Chainlink tends to rise after each deposit and unlocking of contracts. The recent minor price dip indicates that bulls are still leading the rally.
Crypto analyst Ali Martinez suggests that Chainlink is well-positioned for further gains in the market. On-chain analytics show a significant resistance level at $20, with approximately 8.59 million LINK tokens held by 5,330 addresses at this price point.
This concentration of LINK holdings among multiple addresses could have an impact on market dynamics as Chainlink approaches the $20 mark. Traders and investors are closely monitoring these on-chain indicators for insights into potential price movements and overall sentiment towards Chainlink in the crypto market.
Hot Take: Chainlink Tokens Move to Binance Amidst Unlocking Trend
A large quantity of Chainlink tokens has recently been moved to the Binance exchange as part of an ongoing unlocking trend. Despite this movement, the price of LINK has shown resilience, experiencing only a slight dip. With resistance at $20 and bullish sentiment prevailing, there is potential for further growth in the LINK price. Traders and investors are closely watching the on-chain indicators to gauge market dynamics and anticipate future price movements. As Chainlink continues to unlock tokens, its position in the crypto market remains strong.
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