Etherscan reports that Chainlink (LINK) recently unlocked and moved 18.75 million LINK tokens from five non-circulating supply addresses.
Binance received over 18 million tokens, valued at about $207 million, as part of Chainlink’s quarterly practice of unlocking and distributing 20 million tokens.
LINK has unlocked a startling 133.4 million LINK tokens, valued at roughly $1.29 billion, in comparable trades since 2022, with the majority of them heading to Binance.
Chainlink’s Price Trends
These actions have raised questions about Chainlink’s long-term supply policy and potential influence on market dynamics. Notwithstanding these advancements, LINK’s price has dropped.
Its price fell 2.68% over 24 hours, trading at $11.38 at press time. Still strong, though, LINK’s market cap increases to $7.13 billion. LINK has recently gained attention for its expanding network utility.
Metis, an Ethereum Layer 2 scaling solution, revealed on Friday its Cross-Chain Interoperability Protocol integration. This collaboration seeks to improve distributed application (dApp) development on the Metis platform by adding cross-chain functionality, thereby increasing the appeal of Chainlink’s network to developers.
On September 20, LINK saw a price increase; it peaked at $11.72. Despite indications of a possible revival, the token remains vulnerable. Its price has not entirely recovered from late August losses; hence, it is unclear whether LINK can surpass $12.
Technical markers present a mixed picture. The Global In/Out of the Money (GIOM) statistic shows an accumulation of around 106.89 million LINK tokens, valued at over $1.2 billion, between $11.61 and $13.24.
If it is to maintain increasing momentum, Chainlink must forcefully break through the $13 resistance and create this level as new support.
The next few months will be critical in determining whether Chainlink’s pricing can overcome current challenges and maintain its position as a major participant in the blockchain industry as it continues to expand through deliberate integrations and frequent token releases.
