Oracle service provider Chainlink (LINK) has been on investors’ radar with a staggering 17% rally earlier on Thursday. The LINK price has shot past $17.50 levels while eyeing for another 30-40% growth. In the latest developments, a huge quantity of LINK tokens have moved to crypto exchange Binance as per on-chain data. What happens next?
In a recent development, 19 million Chainlink (LINK) tokens, valued at approximately $341 million, were unlocked from three Chainlink noncirculating supply contracts. The breakdown of the transaction reveals that 15.95 million LINK tokens, equivalent to $287 million, were deposited to the Binance platform, while 3.05 million LINK tokens, valued at $54.3 million, were transferred to Multisig address 0xD50f.
This recent event marks a continuation of Chainlink’s unlocking trend, with a cumulative total of 106 million LINK tokens being unlocked since August 2022. As of now, there are still 412.5 million LINK tokens, valued at $7.35 billion, distributed across these 24 contracts. Despite the ongoing unlocking and movement of tokens, the LINK token has experienced a surge of approximately 25% in the past seven days.
However, it’s noteworthy that the token’s price exhibited a slight dip in the two most recent unlocks, despite being well-maintained in previous instances. At press time, the LINK price is trading 0.85% down at a price of $17.74 with a market cap of $10.35 billion.
Interestingly, the price tends to rise after each deposit and unlocking of the contracts. The recent price dip is very minor in comparison to Thursday’s rally which shows that bulls are still in charge of the rally.
According to insights from crypto analyst Ali Martinez, Chainlink (LINK) is showing signs of being well-positioned for further gains in the market. On-chain analytics highlight a notable resistance level at $20, with data revealing that 5,330 addresses collectively hold approximately 8.59 million LINK tokens at this price point.
The significance of this resistance level suggests a substantial concentration of LINK holdings among a multitude of addresses, emphasizing 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 insights into potential price movements and the overall sentiment surrounding Chainlink in the crypto market.
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