Chainlink’s LINK token surged by 17%, catching the eye of investors, as 19 million tokens valued at $341 million were transferred from supply contracts. Despite previous declines following unlocks, the price saw a 25% increase over the past week.
Chainlink, the top decentralized oracle protocol, saw a remarkable 17% rise in its LINK token value this week, grabbing investors’ interest. This surge coincided with the removal of 19 million LINK tokens, worth $341 million, from three non-circulating supply contracts, leading to some confusion in the market.
15 Million LINK Tokens Transferred to Binance
Chainlink’s LINK token witnessed a surge in price recently, prompting attention from investors. Following this uptick, a notable movement occurred, with 19 million LINK tokens, valued at $341 million, being withdrawn from three non-circulating supply contracts. Specifically, 15.95 million LINK tokens, worth $287 million, were transferred to the cryptocurrency exchange Binance, while 3.05 million LINK tokens, valued at $54.3 million, were sent to a multi-signature wallet address beginning with 0xD50f…
This development continues Chainlink’s pattern of token unlocking, marking a total of 106 million LINK tokens released since August 2022. Presently, the market hosts 412.5 million LINK tokens, totaling $7.35 billion, distributed across 24 contracts. Notably, despite the unlocking events, the altcoin has seen a price surge of approximately 25% in the last week, despite experiencing slight price declines after previous unlockings.
Chainlink Price Outlook
Chainlink Faces Strong Resistance at $20: On-chain analyst Ali Martinez suggests that Chainlink (LINK) is poised for further gains amidst current market conditions but highlights a significant obstacle. According to Martinez’s on-chain data analysis, the $20 price level has emerged as a robust resistance point, with approximately 5,330 wallet addresses collectively holding about 8.59 million LINK tokens at this price level.
Concentration of LINK Assets: This resistance level signifies a concentration of investors’ LINK assets at the $20 price point. As LINK’s price nears this level, the reaction against this resistance becomes a subject of keen interest.
Price Reaction Expectation: Martinez’s analysis indicates that Chainlink’s price typically experiences upward movement following each unlock event. This trend suggests that bulls may continue to push the price higher as it approaches the significant $20 resistance level.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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