The leading decentralized oracle protocol Chainlink (LINK) stood out with a surprising 17% increase over the week, capturing the attention of investors. Following this surge, it was discovered that 19 million LINK tokens worth $341 million were removed from three non-circulating supply contracts, causing confusion.
15 Million LINK Tokens Moved to Binance
After the recent price increase of Chainlink’s LINK token, 19 million LINK worth $341 million were removed from three non-circulating supply contracts. In this transaction, 15.95 million LINK tokens worth $287 million were moved to the cryptocurrency exchange Binance, and 3.05 million LINK tokens worth $54.3 million were transferred to a multi-signature wallet address starting with 0xD50f…
This incident continues Chainlink’s trend of unlocking, with a total of 106 million LINK tokens released since August 2022. Currently, there are 412.5 million LINK tokens worth $7.35 billion distributed across 24 contracts. It is important to note that the altcoin’s price has increased by approximately 25% in the last seven days, although there was a slight decline in price following previous unlock events.
Price Expectations for Chainlink
According to experienced cryptocurrency analyst Ali Martinez, LINK is in a good position to gain more, considering the current market dynamics, but it faces a significant hurdle. According to the on-chain data compiled by the analyst, $20 is emerging as a strong resistance level, with about 5,330 wallet addresses holding approximately 8.59 million LINK tokens collectively at this price point.
This resistance level indicates that investors’ LINK assets are concentrated at this price point. As LINK’s price approaches this level, how it will react against the $20 resistance is a matter of great curiosity.
According to Martinez’s analysis, LINK’s price tends to rise interestingly after each unlock event, suggesting that bulls are likely to continue driving the price up as it approaches the $20 level.
