Chainlink

Chainlink’s LINK token surged by 17%, catching the eye of investors, as 19 million tokens valued at $341 million were transferred from supply contracts. Despite previous declines following unlocks, the price saw a 25% increase over the past week.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-3.png?fit&#61;900%2C300&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a>Chainlink, the top decentralized oracle protocol, saw a remarkable 17% rise in its LINK token value this week, grabbing investors’ interest. This surge coincided with the removal of 19 million <a href="https://cryptosheadlines.com/binance-halts-deposits-for-bridging-tokens-linked-to-multichain/" rel="noopener noreferrer nofollow">LINK tokens</a>, worth $341 million, from three non-circulating supply contracts, leading to some confusion in the market.<h3 id="15-million-link-tokens-transferred-to-binance">15 Million LINK Tokens Transferred to Binance</h3><a href="https://cryptosheadlines.com/chainlink-link-expected-to-surge-amid-asset-tokenization-trend/" rel="noopener noreferrer nofollow">Chainlink’s LINK token witnessed a surge</a> in price recently, prompting attention from investors. Following this uptick, a notable movement occurred, with 19 million LINK tokens, valued at $341 million, being withdrawn from three non-circulating supply contracts. Specifically, 15.95 million LINK tokens, <a href="https://cryptosheadlines.com/terraform-labs-transfers-millions-worth-of-tokens-one-year-after-terra-luna-crisis/" rel="noopener noreferrer nofollow">worth $287 million</a>, were transferred to the cryptocurrency exchange Binance, while 3.05 million LINK tokens, valued at $54.3 million, were sent to a multi-signature wallet address beginning with 0xD50f…This development continues Chainlink’s pattern of token unlocking, marking a total of 106 million LINK tokens released since August 2022. Presently, the market hosts 412.5 million LINK tokens, totaling $7.35 billion, distributed across 24 contracts. Notably, despite the unlocking events, the <a href="https://cryptosheadlines.com/altcoin-price-surges-before-update-how-much/" rel="noopener noreferrer nofollow">altcoin has seen a price surge</a> of approximately 25% in the last week, despite experiencing slight price declines after previous unlockings.<h3 id="chainlink-price-outlook">Chainlink Price Outlook</h3>Chainlink Faces Strong Resistance at $20: On-chain analyst Ali Martinez suggests that Chainlink (LINK) is poised for further gains amidst <a href="https://cryptosheadlines.com/bullish-future-for-shib-and-floki-in-current-market-conditions/" rel="noopener noreferrer nofollow">current market conditions</a> but highlights a significant obstacle. According to Martinez’s <a href="https://cryptosheadlines.com/ethereum-holders-increasingly-transferring-coins-to-centralized-exchanges-on-chain-data-reveals/" rel="noopener noreferrer nofollow">on-chain data</a> analysis, the $20 price level has emerged as a robust resistance point, with approximately 5,330 wallet addresses collectively holding about 8.59 million LINK tokens at this price level.<a href="https://cryptosheadlines.com/bitcoins-changes-code-controls-as-halving-approaches/" rel="noopener noreferrer nofollow">Also Read: Bitcoin&#39;s Changes: Code Controls as Halving Approaches</a>Concentration of LINK Assets: This <a href="https://cryptosheadlines.com/bitcoins-key-resistance-levels/" rel="noopener noreferrer nofollow">resistance level</a> signifies a concentration of investors’ LINK assets at the $20 price point. As <a href="https://cryptosheadlines.com/link-price-surges-with-strong-chainlink-presence/" rel="noopener noreferrer nofollow">LINK’s price</a> nears this level, the reaction against this resistance becomes a subject of keen interest.Price Reaction Expectation: Martinez’s analysis indicates that Chainlink’s price typically experiences upward movement following each unlock event. This trend suggests that bulls may <a href="https://cryptosheadlines.com/shib-burn-rate-accelerates-price-continues-to-struggle-in-the-red-zone/" rel="noopener noreferrer nofollow">continue to push the price</a> higher as it approaches the significant $20 resistance level.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Chainlink Experiences Notable Price Surge and Token Activity

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