In a development that has caught the attention of the cryptocurrency community, multiple fresh wallets have been observed withdrawing substantial amounts of Chainlink (LINK) from Binance. This transaction surge comes shortly after the latest unlocking event, where 14.875 million LINK, worth approximately $216 million, was deposited into Binance from Chainlink’s non-circulating supply wallet.
According to Lookonchain, This recent unlocking is the latest in a series of similar events, marking the 11th time Chainlink has moved a significant amount of tokens from its non-circulating supply. Historical trends indicate that out of the ten previous unlocks, nine were followed by price increases within 30 days. This correlation has fueled speculation about whether LINK will follow the same pattern again.
Market observers are closely monitoring this situation, with many believing that such large-scale movements could indicate an impending price shift. Past unlocks have frequently triggered bullish sentiment, driving LINK’s value higher as investors anticipate increased adoption and demand.
LINK Accumulation, Price Trends & DeFi Impact
Analysis of on-chain data reveals that multiple Binance hot wallets have been transferring LINK to newly created addresses, many of which are accumulating large amounts of the token. This pattern suggests that these wallets might be positioning themselves for long-term holdings, executing over-the-counter (OTC) trades, or redistributing assets across different platforms. Such movements have often signaled institutional interest, as large withdrawals from exchanges are typically associated with accumulation rather than short-term trading. If this pattern continues, it could reinforce the bullish outlook for LINK, providing strong support for its price in the coming weeks.
At the time of writing, LINK is trading at approximately $14.04, reflecting a 5.1% increase over the past 24 hours. The asset’s market capitalization stands at $9.07 billion, with a circulating supply of 638 million LINK. Despite recent fluctuations, LINK has managed to maintain its price levels, suggesting that strong buying support exists in the market.
The Chainlink network remains a critical player in the decentralised finance (DeFi) ecosystem, serving as the backbone for smart contract oracles across multiple blockchain applications. The continuous unlocking of LINK tokens could indicate ongoing efforts to support network growth, fund development, or facilitate strategic partnerships. Investor sentiment surrounding Chainlink remains largely positive, with its long-term utility and role in the blockchain space seen as a key factor in sustaining demand. As fresh wallets continue to accumulate LINK, speculation is mounting over whether the asset will replicate past trends of post-unlock price appreciation.
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