Why Chainlink Unlock on Binance Can Trigger LINK Price Rally Soon?
The post Why Chainlink Unlock on Binance Can Trigger LINK Price Rally Soon? appeared on BitcoinEthereumNews.com.
Oracle service provider Chainlink has once again unlocked LINK tokens earlier today on binance, as part of their scheduled unlocking. Despite this supply increase in the market, if history repeats, the LINK price could be gearing up for a major rally going ahead. Chainlink Unlocks 18.125 Million Native Tokens As per the on-chain data, Chainlink has unlocked a total of 18.125 million LINK tokens per the ongoing unlocking schedule and deposited them to crypto exchange Binance. In total, 18.75 million $LINK tokens, worth $215 million, were unlocked, with 625,000 $LINK ($7.18 million) sent to a multisig wallet. In the last two years since August 2022, Chainlink has unlocked a total of $1.5 billion worth of LINK tokens every month while depositing around 126 million $LINK to Binance, at an average price of $10.13. Interestingly, historical data shows that after every LINK token unlock, the LINK price has surged in 30 days following the unlock. This has been true for seven out of the past eight unlocks. The #Chainlink non-circulating supply wallet unlocked another 18.125M $LINK($207.4M) and deposited it into #Binance today. Before this, #Chainlink had unlocked 8 times in total, and 7 of them saw price increases 30 days after unlocking. Will this unlock also bring an increase?… pic.twitter.com/HRvrgsWs8B — Lookonchain (@lookonchain) September 21, 2024 Despite these massive unlocks and LINK deposits to centralized exchanges (CEXs), Chainlink still continues to hold 372.75 million $LINK tokens across 24 non-circulating supply contracts. LINK Price Rally Ahead? The LINK price movement has been a bit laggard recently with flat returns over the past month. After the Chainlink price touched a high of over $20.00 this year in March, the LINK price has moved sideways and corrected more than 50% since then. Currently, the Chainlink price is trading at $11.35 with a market cap…
Filed under: News - @ September 21, 2024 9:23 am