- Over $885 million, or 62.3 million LINK, were transacted in one day, suggesting possible strategic market movements.
- Four major transactions recorded, sending over 18 million LINK to Binance, potentially signaling upcoming market adjustments.
Chainlink (LINK), a prominent decentralized oracle network, has experienced a dramatic 1,453% increase in large transaction volumes, with transactions totaling $885.23 million, or approximately 62.3 million LINK tokens, in the past day alone.
This surge, documented by IntoTheBlock, highlights the activities of large-scale holders, often referred to as “whales,” who control substantial amounts of cryptocurrency.
This notable rise in transaction volume raises several questions regarding the intentions behind these movements and the potential implications for the market. Typically, such large transactions are indicative of strategic positioning by these major players, possibly preparing for a price fluctuation based on anticipated market developments.
Further analysis by crypto analyst Ali reveals that out of the surge in volume, 18.77 million LINK tokens, valued at roughly $256.20 million, were moved to cryptocurrency exchanges in the last 24 hours. This activity was tracked through WhaleAlert, which reported four transactions moving over 18 million LINK to the Binance exchange from unidentified wallets.
Specifically, two transactions involved the transfer of 3,499,999 LINK each, valued at about $49.27 million, and another two comprised transfers of 6,999,999 LINK and 4,749,999 LINK, respectively valued at $98.50 million and $66.33 million.
These transfers to exchanges could be part of Chainlink’s token unlock mechanism. Spot on Chain reports that a total of 21 million LINK, worth approximately $295 million, were unlocked from Chainlink’s non-circulating supply contracts.
Of these, 18.25 million LINK, valued at $264 million, were sent to Binance, with the remainder directed to a multisig address.
21M $LINK ($295M) was unlocked from @chainlink Noncirculating supply contracts ~3hrs ago, including:
• 18.25M $LINK ($264M) to #Binance
• 2.25M $LINK ($31.3M) to Multisig 0xD50fNotably:
– Chainlink has unlocked 127M $LINK and sent 107.7M $LINK to Binance at ~$9.89 since Aug… https://t.co/bVUDTMDFgZ pic.twitter.com/jxaO5Glxjb— Spot On Chain (@spotonchain) June 21, 2024
As of now, despite the massive movements and market interest, Chainlink’s price has seen a downturn, decreasing by 5.48% over the last 24 hours to a current price of $13.57.
This price movement contrasts with the transaction activity and may indicate a more complex market reaction where investors and traders are perhaps reacting cautiously to the sudden influx of LINK into the market.
This activity underscores a potentially critical juncture for Chainlink, as the market responds to these large-scale transactions.
Investors and market watchers will likely keep a close eye on how these developments impact LINK’s price in the short to medium term, considering the substantial influence whales can have on market directions.
Chainlink (LINK) is currently trading at 13.582 USDT, with a 0.74% increase from the previous day. Recently, LINK has decreased by 8.59% over the past week, 18.16% over the past month, and 12.86% over the past six months, but has increased by 123.72% over the past year.
LINK is holding a support zone between $12.563 and $13.003, which has historically been strong. If this support holds, LINK could rise towards the next resistance zone between $17.388 and $18.471.
However, decreasing volume and bearish divergence suggest caution. Failure to maintain support could lead LINK to drop to around $9. In summary, while the current support could lead to a rebound, bearish indicators suggest caution for potential declines.
