Cryptocurrency
Chainlink Token Unlock Impact on Market
Tuesday. June 25 at 2:00 PM
1 min. readPrepare for the influx of new LINK tokens flooding the market as Chainlink recently unlocked 21 million tokens valued at $295 million. The majority of these tokens were transferred to Binance, sparking concerns about a potential price dip. Despite the wider market decline, Chainlink has seen an 8% decrease in the past week. This scheduled token unlock is part of Chainlink's strategy, releasing approximately 7% of the total circulating supply annually. Following the recent unlock, 18.25 million tokens were sent to Binance, with an additional 2.25 million to a multisig wallet. This surge in supply on Binance may lead to LINK holders selling off, causing further price drops. While past unlocks have led to price spikes, the current market conditions suggest a different outcome. LINK is currently trading at $13.64, nearing a crucial support level at $13.5. Failure to hold this support could result in a drop to $10, triggering more selling pressure.