Chainlink Price Stalls As $287 Million Worth Of LINK Makes Its Way To Binance

Name	Symbol	Market	Market Cap ($)	Algorithm
ChainLink Token	LINKUSD	Crypto	8,336,819,593	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

ChainLink Token

LINKUSD

Crypto

8,336,819,593

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.330	2.38%	14.22	14.21	14.21

Price Change

Price Change %

Current Price

Bid Price

Offer

0.330

2.38%

14.22

14.21

High Price	Low Price	Open Price	Prev. Close	52 Week Range
14.37	13.48	13.92	13.89	4.74 - 22.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

14.37

13.48

13.92

13.89

4.74 - 22.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:47:20	35.62	14.22	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:47:20

35.62

14.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
14,889,237.51	1,058,566.35	LINK	LINKEUR	LINKGBP	LINKBTC

Price x Volume

Volume

Base Symbol

Related Pairs

14,889,237.51

1,058,566.35

Chainlink Price Stalls As $287 Million Worth Of LINK Makes Its Way To Binance

04/02/2024 11:00pm

NEWSBTC

The price performance of Chainlink is one of the previous week’s biggest narratives, rivaling Bitcoin making its way above $43,000 again. According to data from CoinGecko, the altcoin recorded a significant 25% price increase in the last seven days. However, the price of LINK seems to be slowing down, as it keeps struggling to hold above the $18 level. While expectations are that this sluggishness will blow over soon, the question still is – why is the Chainlink price stalling? 16 Million LINK Tokens Transferred To Binance The latest on-chain revelation has offered insight into why the price of LINK is facing some form of bearish pressure. In a post on X, crypto analytics firm SpotOnChain disclosed that 19 million tokens (worth about $341 million) were recently unlocked from three of Chainlink’s non-circulating supply contracts. In a more detailed breakdown, the on-chain analytics firm revealed that 15.95 million tokens (valued at $287 million) were moved to Binance, the world’s largest centralized exchange. Meanwhile, the remaining 3.05 million Chainlink (worth $54.3 million) were transferred to multi-sig wallet, 0xD50f. Related Reading: Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market According to SpotOnChain, this is not the first time transactions involving Chainlink’s wallets and of this caliber will happen. The analytics platform disclosed that Chainlink has been unlocking and transferring some of the unlocked tokens to Binance as far back as 2022. On-chain data shows that Chainlink has unlocked a total of 106 million tokens, with 88.95 million LINK sent to Binance since August 2022. At an average price of $9.06, the entire worth of these transactions stands at $805 million. SpotOnChain noted that the last two unlocks have been followed by a slight dip in LINK’s price. The last unlock saw the Chainlink token fall from almost $19 to $17.5 on Saturday, February 3. As of this writing, the LINK token is valued at $17.86, reflecting a nearly 1.5% price jump in the past day. Chainlink Records Multi-Month High In Transaction Volume It appears that the price of LINK will not remain stagnant for very long, as the most recent on-chain data indicates that Chainlink has experienced a notable increase in network activity over the last few days. Positive network fundamentals could be all the altcoin needs to resume its bullish run. Related Reading: Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon According to Ali Martinez, the network recently witnessed a significant surge in transaction volume, bringing the metric to its highest in almost two years. Based on IntoTheBlock’s data, more than 72.24 million LINK tokens (equivalent to $1.3 billion) were transacted on Friday, February 4. The Chainlink price continues to hover around the $18 level on the daily timeframe | Source: LINKUSDT chart on TradingView Featured image from iStock, chart from TradingView

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LINKUSD ChainLink Token