Token

Impact

Chainlink

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-observes-market-impact-from-token-release/" data-wpel-link="internal">Chainlink Observes Market Impact from Token Release</a><br></p>
<p style="text-align: justify">Chainlink has identified the release of 21 million tokens not previously in circulation. The value of these tokens at the time of release was approximately $295 million. Chainlink’s circulating supply is limited to 1 billion tokens, so new releases may negatively impact prices. Historical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that increased supply from token unlocks tends to lower prices. Following the recent unlock, data from Spot On Chain indicates that 18.25 million tokens were sent to <a href="https://en.coin-turk.com/binance-adds-gaming-focused-ronin-blockchains-native-token-ronin/" data-wpel-link="internal">Binance</a>.</p> 
<h2 style="text-align: justify" id="current-state-of-chainlink">Current State of Chainlink</h2> 
<p style="text-align: justify">The transfer of cryptocurrencies to exchanges is generally seen as preparation for a sale. Additionally, 2.25 million LINK worth $31.30 million were sent to a multi-sig wallet.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364225" src="https://coin-turk.com/wp-content/uploads/2024/06/chainlink-1-coin-turk-com.png" alt="" width="870" height="523"></p> 
<p style="text-align: justify">The transfer to the wallet suggests that the Chainlink tokens may not be sold soon. At the time of writing, LINK was trading at $13.61, reflecting a 1.37% drop in the last 24 hours. This drop could be interpreted as a result of the aforementioned transfer. The current question in the market is whether LINK’s price will fall.</p> 
<h2 style="text-align: justify" id="will-link-price-drop">Will LINK Price Drop?</h2> 
<p style="text-align: justify">Network speed indicates how quickly transactions are processed. A low metric shows tokens are being held rather than circulated.</p> 
<p style="text-align: justify">Generally, removing cryptocurrencies from circulation can increase prices due to reduced supply. However, data from Glassnode shows that LINK’s speed has been rising since June 20.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364226" src="https://coin-turk.com/wp-content/uploads/2024/06/chainlink-2-coin-turk-com.png" alt="" width="870" height="487"></p> 
<p style="text-align: justify">If this trend continues, LINK’s price may also rise. Conversely, a drop below $13 could occur. The IOMAP indicator, which shows price inflows/outflows, also reflects potential declines.</p> 
<p style="text-align: justify">Chainlink <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> may reach resistance and support levels based on this indicator. Data from IntoTheBlock shows that 12,090 addresses purchased 5.84 million LINK at an average price of $13.40. Understanding that this group is in profit is crucial.</p> 
<p style="text-align: justify">However, another group of 14,140 addresses bought 11.62 million tokens at $13.90, indicating losses. In summary, LINK may not rise to $14 due to the high concentration of addresses.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-364227" src="https://coin-turk.com/wp-content/uploads/2024/06/chainlink-3-coin-turk-com.png" alt="" width="873" height="267"></p> 
<p style="text-align: justify">This is because some investors currently at a loss may cause a breakdown even if LINK reaches $13.90. Therefore, the price could drop to $12.95.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-observes-market-impact-from-token-release/" data-wpel-link="internal">Chainlink Observes Market Impact from Token Release</a></h5>

Chainlink Observes Market Impact from Token Release

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