- Chainlink unlocks $215M in LINK tokens, with historical data suggesting potential price surges after most unlock events.
- Despite unlocking millions of tokens, Chainlink still holds 372.75M LINK, indicating potential long-term value retention.
- If LINK breaks above $11.94, it could rally to $12.69. Failure to hold $11.09 support may see a drop towards $10.71.
LINK token unlock event has garnered media attention. According to its continuous schedule, the Oracle service provider unlocked 18.75 million LINK tokens, which are worth $215 million. Despite this massive supply increase, on-chain data suggests the possibility of a price rally.
History shows that LINK often sees upward momentum following such unlocks. Out of the last eight events, the token surged after seven, hinting at potential gains ahead.
Earlier today, Chainlink transferred 18.125 million LINK tokens to the crypto exchange Binance.
Unlock Schedule and Ongoing Token Transfers
Additionally, 625,000 LINK, worth $7.18 million, was sent to a multisig wallet. Since August 2022, Chainlink has consistently unlocked $1.5 billion worth of LINK tokens monthly, with around 126 million LINK deposited to Binance at an average price of $10.13. Despite these frequent unlocks, Chainlink still holds 372.75 million LINK in 24 non-circulating contracts.
Metis, an Ethereum Layer 2 solution, is connected with Chainlink’s Cross-Chain Interoperability Protocol. The partnership seeks to optimize the potential of decentralized applications (dApps) by means of improved cross-chain functionalities.
Current Price Analysis and Key Levels to Watch
With a price range of $10.50 to $11.94, Chainlink is currently trading at $11.39 USD. $11.94 is a resistance level and $11.09 is an important support, according to Fibonacci numbers. With a recent bearish crossover, the MACD indicator indicates declining momentum, but volume has stayed constant. The On-Balance Volume (OBV) line, however, does not indicate a discernible increase in volume.
Consequently, two potential scenarios are developing. If Link breaches $11.94, it might go as high as $12.69. Prices that break below the $11.09 support level might fall as low as $10.71. Although it is still consolidating, the price is currently moving between $10.50 and $11.50.
Source: CryptoRank
Despite the supply increase from the unlock event, historical trends and technical indicators suggest a potential rally for LINK. Investors should closely watch the critical resistance and support levels to gauge future price movement.
The post Chainlink Unlocks $215M in Tokens: Could This Spark the Next Price Rally? appeared first on Crypto News Land.
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