Chainlink

The cryptocurrency market witnessed severe bearish pressure over the past week, and the <a href="https://www.newsbtc.com/analysis/link/chainlinks-ambitious-climb-link-15/" target="_blank" rel="noopener ">price of Chainlink</a> (LINK) wasn’t an exception. The altcoin has continued to struggle with its torrid form, losing nearly 10% of its value in the last seven days. 
Interestingly, the bears seem to still be in control at the moment, with the latest on-chain revelation suggesting that there might be further downside for the LINK price over the next few days. 
<h2 id="strong-are-chainlink-investors-offloading-their-assets-strong">Are Chainlink Investors Offloading Their Assets?</h2> 
Popular crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1804459186241048663" target="_blank" rel="noopener nofollow">revealed</a> in a post on the X platform that huge amounts of the Chainlink token have made their way to centralized exchanges in the past day. This on-chain observation is based on Santiment’s “Supply on Exchanges” metric, which tracks the amount of a particular cryptocurrency being held on centralized exchanges. 
When this metric’s value increases, it implies that investors are making more deposits than withdrawals of a cryptocurrency (Chainlink, in this case) into centralized exchanges. A decrease in the metric’s value, on the other hand, indicates that holders are <a href="https://www.newsbtc.com/news/2-5-billion-in-bitcoin-flows-out-of-centralized-exchanges-time-to-buy/" target="_blank" rel="noopener ">moving their coins out</a> of the trading platforms. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GQq6CX9XMAAS28o?format=jpg&amp;name=medium" alt="Chainlink" width="1200" height="573"> 
According to data from Santiment, more than 18.77 million LINK (worth roughly $256.2 million) were transferred to cryptocurrency exchanges in the past day. This substantial transfer represents one of the largest single-day movements for the Chainlink token in recent months.&nbsp; 
Interestingly, a <a href="https://x.com/spotonchain/status/1804301451201777736" target="_blank" rel="noopener nofollow">report from SpotOnChain</a> revealed that 21 million tokens were unlocked from Chainlink’s non-circulating supply contracts on Friday, June 21. Specifically, the contract transferred 2.25 LINK tokens were sent to the multi-sig wallet 0xD50f 
More notably, 18.25 million LINK tokens were sent to Binance, the world’s largest cryptocurrency exchange. This significant token unlock presents a case of supply inflation, which can impact the value of the token especially if a sell-off occurs. 
Moreover, these <a href="https://www.newsbtc.com/bitcoin-news/111000-btc-move-out-of-exchange-wallets-in-a-month-impact-on-bitcoin-price/" target="_blank" rel="noopener ">fund movements</a> can precipitate an increase in market volatility and possibly lead to price fluctuations. Given the magnitude and destination of these transfers, there is a greater likelihood of increased selling pressure, which can drive down the price of LINK.&nbsp; 
<h2 id="strong-is-a-return-to-12-on-the-cards-strong">Is A Return To $12 On The Cards?</h2> 
As of this writing, the price of Chainlink is barely holding above $13.6, having declined by more than 3% in the past day. Meanwhile, the altcoin slumped 9% from about $15 to $13.5 over the past week, according to data from CoinGecko. 
If the recent selling pressure continues, then <a href="https://www.newsbtc.com/news/chainlink/50-60-crash-in-chainlink-price/" target="_blank" rel="noopener ">further decline</a> might be on the horizon for LINK’s price. This could see the cryptocurrency make a return to around the $12 price zone for the first time in more than a month. 
Nevertheless, the Chainlink token ranks amongst the top 20 largest cryptocurrencies in the sector, with a market capitalization of over $8.27 billion. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/6275ss6D/" alt="Chainlink" width="1832" height="1314">

19 Million Chainlink Tokens Transferred To Exchanges – More Downside For LINK Price?

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