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Home»BITCOIN NEWS»Chainlink Unlocked: $264M Worth of LINK Tokens Sent to Binance, Will This Cause a Crash to $10?
BITCOIN NEWS

Chainlink Unlocked: $264M Worth of LINK Tokens Sent to Binance, Will This Cause a Crash to $10?

By Crypto FlexsJune 25, 20243 Mins Read
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Chainlink Unlocked: 4M Worth of LINK Tokens Sent to Binance, Will This Cause a Crash to ?
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Get ready, because new LINK tokens are constantly flooding the market. As part of its regular unlocks, Chainlink recently unlocked 21 million LINK tokens worth $295 million in five undistributed supply contracts.

like Mentioned by Most of these tokens from Spot On Chain were transferred to cryptocurrency exchange Binance, sparking speculation as to whether this was possible. fall into a waterfall At Chainlink’s price. Considering that Chainlink is not far behind, these speculations have expanded even further. Broader Market Downturn It is currently down 8% over the last 7 days.

LINK keeps slipping while unlocking token

Like many cryptocurrency tokens, Chainlink has a token unlock schedule that guarantees an annual LINK release rate of approximately 7% of the total circulating supply. Through recent unlocks, the number of LINK tokens in circulation has exceeded 600 million for the first time. Upon unlocking, 18.25 million LINK tokens worth $265 million were immediately transferred to Binance.

Another 2.25 million LINK tokens worth $31.3 million were transferred to a multi-sig wallet identified as 0xD50f. With such massive supply hitting Binance, LINK holders may be tempted to close their positions for fear of a potential price collapse. This increase in demand could mean further declines in LINK prices.

Interestingly, the unlock appears to have contributed to further lowering the price of LINK, which has been struggling to find support amid larger price declines. LINK fell another 1.4%.

Will Chainlink fall further to $10?

As Spot On Chain noted, recent unlocks have seen 127 million LINK tokens unlocked and 107.7 million LINK tokens transferred to Binance since August 2022. However, prices have mostly stabilized during past unlocks, and LINK investors already seem to be well aware of these cyclicals. Unlock it and go to Binance.

Looking at the chart below, we can see that 3 of the last 4 unlocks were ahead of LINK’s final price surge. However, given current market conditions, a different scenario may unfold.

Source: X

At the time of this writing, LINK is trading at $13.64 and is approaching support at $13.5. Failure to bounce to support could result in a free fall to $10. Technically, the $10 level is currently serving as key psychological support in determining whether LINK continues its double-digit trading run. Violations may result in losses and deepen selling.

Across 24 contracts, 391.5 million LINKs worth $5.4 billion need to be unlocked. Only time will tell what impact this may have on the price of LINK.

Chainlink price chart on Tradingview.com
LINK price recovers above $13 | Source: LINKUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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