Million

Resistance

Chainlink

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlink-releases-21-million-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink Releases 21 Million Tokens</a><br></p>
<p style="text-align: justify">Chainlink has recently released 21 million tokens, previously not in circulation, valued at approximately $295 million. This significant token release has sparked concerns about its impact on the token’s price, given Chainlink’s limited circulating supply of 1 billion tokens. Historical data suggests that an increase in supply from token unlocks typically leads to lower prices. Following the recent token release, 18.25 million tokens were sent to <a href="https://en.bitcoinhaber.net/the-former-ceo-of-binance-faces-legal-proceedings-for-violating-anti-money-laundering-regulations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, according to data from Spot On Chain.</p>
<h2 id="implications-of-recent-transfers">Implications of Recent Transfers</h2>
<p style="text-align: justify">The transfer of cryptocurrencies to exchanges is generally seen as a precursor to a sale, adding to market apprehensions. In addition to the tokens sent to Binance, 2.25 million LINK worth $31.30 million were moved to a multi-sig wallet, indicating these might not be sold immediately. At the time of this report, LINK was trading at $13.61, showing a 1.37% drop in the last 24 hours, possibly influenced by these transfers. The central question now is whether LINK’s price will continue to fall.</p>
<h2 id="what-will-happen-to-link-prices">What Will Happen to LINK Prices?</h2>
<p style="text-align: justify">Network speed is a critical indicator of how fast transactions are processed. A low speed suggests tokens are being held rather than circulated, which could potentially boost prices due to reduced supply. However, Glassnode <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that LINK’s network speed has been rising since June 20, indicating increased circulation.</p>
<p style="text-align: justify">If this trend persists, LINK’s price might rise. Conversely, a drop below $13 could still occur. The IOMAP indicator, which tracks price inflows and outflows, also hints at potential declines.</p>
<h2 id="market-resistance-and-support-levels">Market Resistance and Support Levels</h2>
<p style="text-align: justify">– Investors should monitor network speed as an indicator of token circulation and potential price changes.</p>
<p style="text-align: justify">– Keep an eye on the IOMAP indicator for insights on resistance and support levels for LINK.</p>
<p style="text-align: justify">– Recognize that a high concentration of addresses holding LINK at certain price points can influence market movements.</p>
<p style="text-align: justify">Chainlink <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> face critical resistance and support levels, as indicated by data from IntoTheBlock. Around 12,090 addresses bought 5.84 million LINK at an average price of $13.40, currently in profit. Conversely, 14,140 addresses purchased 11.62 million tokens at $13.90 and are facing losses. This suggests that LINK may struggle to rise above $14 due to the concentration of addresses holding the token.</p>
<p style="text-align: justify">Because some investors are currently at a loss, a price drop to $12.95 could happen even if LINK reaches $13.90. This market dynamic underscores the potential volatility and challenges in predicting LINK’s future price movements.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlink-releases-21-million-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink Releases 21 Million Tokens</a></h5>

Chainlink Releases 21 Million Tokens

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