ChainLink
18 million LINK tokens hit Binance: What’s next for Chainlink?
Chainlink saw a massive transfer to the Binance exchange in the last 24 hours, raising speculations about how the price would react.
- Over 18 million LINK tokens were transferred to the Binance exchange.
- LINK has dropped by less than 1% in the last 24 hours.
Recent data indicates that Chainlink [LINK] has been the most active in terms of development among ERC-20 coins over the last 30 days.
However, more intriguing data reveals that a significant volume of LINK tokens was transferred to an exchange in the last 24 hours, possibly signaling further market movement.
Chainlink dominates development activity
According to data from Santiment, Chainlink has seen the highest development activity among ERC-20 tokens in the past 30 days, outperforming Ethereum and other major assets.
LINK registered over 624 development activities, while Ethereum, the second-most active, recorded around 298.
Further analysis reveals that LINK’s development activity has been on an uptrend since a sharp drop at the end of July.
After falling to around 38, development efforts quickly rebounded, reaching approximately 212 as of this writing, highlighting the team’s consistent progress.
Source: Santiment
Chainlink unlocks millions of tokens
According to data from Etherscan, Chainlink recently unlocked and transferred 18.75 million LINK from five non-circulating supply addresses. Also, 18.125 million LINK, worth approximately $207 million, was transferred to Binance.
This token unlock is part of Chainlink’s quarterly schedule, where about 20 million LINK are moved every three months.
Since 2022, the project has unlocked approximately 133.4 million LINK, valued at $1.29 billion, across eight unlock events, seven of which were followed by price increases within 30 days.
Furthermore, the recent unlock significantly impacted LINK’s exchange netflow. According to CryptoQuant data, LINK recorded a positive netflow of over 11.4 million LINK—the highest since June, coinciding with a large token unlock.
Source: CryptoQuant
LINK shows signs of an uptrend
As of this writing, Chainlink is trading around $11.360, experiencing a slight decline of nearly 1%. However, the previous trading session saw LINK closing at approximately $11.439, marking a gain of over 2%.
AMBCrypto’s analysis indicates that LINK has recently been on a notable uptrend, breaking above its 50-day moving average (yellow line).
Source: TradingView
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Given the historical price performance following token unlocks, LINK could see further upward movement in the coming weeks.
The increase could allow it to retest its 200-day moving average (blue line). It currently serves as a longer-term resistance at around $14.
