Over the past week, there has been a lot of downward pressure on the cryptocurrency market. Chainlink (LINK) is one of the altcoins that has been hit hard. In the past week, LINK has lost almost 10% of its value, making it hard for it to keep its price stable.
The bears still seem to be in charge, as new on-chain data suggests that LINK could go down even more in the next few days. Ali Martinez, a crypto analyst, said on the X platform that a lot of Chainlink coins have been moved to centralized exchanges. The “Supply on Exchanges” metric from Santiment, which tracks how much of a coin is held on exchanges, led to this conclusion.
Chainlink Token Deposits Rise
If this number goes up, it means that more Chainlink tokens are being deposited than taken out of centralized exchanges. If it goes down, it means that users are moving their tokens out. More than 18.77 million LINK tokens, worth about $256.2 million, were sent to exchanges in the last day, according to statistics from Sanction. This large shift is one of Chainlink’s greatest in a single day in the past few months.
A SpotOnChain story also said that on Friday, June 21, 21 million LINK tokens were released from supply contracts that were not being used. That is, 2.25 million LINK tokens were sent to the multi-sig wallet 0xD50f, and 18.25 million LINK tokens were sent to Binance, which is the most prominent cryptocurrency exchange in the world. This major coin unlock could cause supply to rise, which could lower the value of LINK, especially if there is a sell-off.
These changes could make the market more volatile and cause prices to change. Because of the size and location of these transfers, there is a greater chance that there will be more selling pressure, which could bring LINK’s price even lower.
Chainlink’s price has dropped more than 3% in the last day and is now just barely above $13.6. It has dropped 9% in value in the last week, from about $15 to $13.5, according to figures from CoinGecko.
LINK’s price could fall even more if the current selling pressure keeps up. It could return to the $12 range for the first time in over a month. Even so, Chainlink is still one of the twenty biggest cryptocurrencies, with a market value of more than $8.27 billion.
