Ethereum

Token

Chainlink

<ul>
  
 <li>Chainlink unlocks $215M in LINK tokens, with historical data suggesting potential price surges after most unlock events.</li>   
 <li>Despite unlocking millions of tokens, Chainlink still holds 372.75M LINK, indicating potential long-term value retention.</li>   
 <li>If LINK breaks above $11.94, it could rally to $12.69. Failure to hold $11.09 support may see a drop towards $10.71.</li> 
</ul>   
<p>LINK token unlock event has garnered media attention. According to its continuous schedule, the Oracle service provider unlocked 18.75 million <a href="https://chain.link/" target="_blank" rel="noreferrer noopener">LINK tokens</a>, which are worth $215 million. Despite this massive supply increase, on-chain data suggests the possibility of a price rally.&nbsp;</p>   
<p>History shows that LINK often sees upward momentum following such unlocks. Out of the last eight events, the token surged after seven, hinting at potential gains ahead.</p>   
<p>Earlier today, Chainlink transferred 18.125 million LINK tokens to the crypto exchange Binance.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/lookonchain/status/1837365186803736912 
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</figure>   
<h3 class="wp-block-heading" id="h-unlock-schedule-and-ongoing-token-transfers"><strong>Unlock Schedule and Ongoing Token Transfers</strong></h3>   
<p>Additionally, 625,000 LINK, worth $7.18 million, was sent to a multisig wallet. Since August 2022, Chainlink has consistently unlocked $1.5 billion worth of LINK tokens monthly, with around 126 million <a href="https://cryptonewsland.com/chainlink-transfers-207m-to-binance-amid/" target="_blank" rel="noreferrer noopener sponsored nofollow">LINK deposited to Binance</a> at an average price of $10.13. Despite these frequent unlocks, Chainlink still holds 372.75 million LINK in 24 non-circulating contracts.</p>   
<p>Metis, an Ethereum Layer 2 solution, is connected with Chainlink's Cross-Chain Interoperability Protocol. The partnership seeks to optimize the potential of <a href="https://cryptonewsland.com/nillion-and-near-protocol-collaborate-to-advance-decentralized-ai-applications/" target="_blank" rel="noreferrer noopener sponsored nofollow">decentralized applications</a> (dApps) by means of improved cross-chain functionalities.</p>   
<h3 class="wp-block-heading" id="h-current-price-analysis-and-key-levels-to-watch"><strong>Current Price Analysis and Key Levels to Watch</strong></h3>   
<p>With a price range of $10.50 to $11.94, Chainlink is currently trading at $11.39 USD. $11.94 is a resistance level and $11.09 is an important support, according to Fibonacci numbers. With a recent bearish crossover, the MACD indicator indicates declining momentum, but volume has stayed constant. The On-Balance Volume (OBV) line, however, does not indicate a discernible increase in volume.</p>   
<p>Consequently, two potential scenarios are developing. If Link breaches $11.94, it might go as high as $12.69. Prices that break below the $11.09 support level might fall as low as $10.71. Although it is still consolidating, the price is currently moving between $10.50 and $11.50.</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfu6hUf1VX5_arelUL2zaH85vOtmzblzwA7pLtTQWSX1JLnhd7Wck2qtYMNPO9Lym98w2wtK9W-idplNMudFvFzz3eXk_p4uqfbdllwq7Kh1gnGee9jFBLABGkPtZyoYLiRF0ZuN_FDL-4BFuMf3jmWjY5U?key=IiWirvu8TUDaFE1vMXoApw" alt="">
</figure>   
<p>Source: <a href="https://cryptorank.io/price/chainlink/full-feature-chart" target="_blank" rel="noreferrer noopener">CryptoRank</a></p>   
<p>Despite the supply increase from the unlock event, historical trends and technical indicators suggest a potential rally for LINK. Investors should closely watch the critical resistance and support levels to gauge future price movement.</p> 
<p>The post <a href="https://cryptonewsland.com/chainlink-unlocks-215m-in-tokens-could-this-spark-the-next-price-rally/">Chainlink Unlocks $215M in Tokens: Could This Spark the Next Price Rally?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Chainlink Unlocks $215M in Tokens: Could This Spark the Next Price Rally?

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