Chainlink Conducts a Token Unlock of 18.75M $LINK Coins

The statistics point out that this event stands as the most recent in a sequence of quarterly coin releases. At Binance, these assets potentially intend to serve for trading and liquidity purposes.

Chainlink has once again unlocked a large amount of its native crypto token $LINK, with statistics revealing the latest development in a series of quarterly coin releases. As per the data from Etherscan, Chainlink has unlocked up to 18.75M $LINK coins and moved 18.125M $LINK (equaling $207M) from 5 addresses directly to Binance. Earlier, Chainlink unlocked 21 million $LINK in a previous unlock event in June.

Chainlink Conducts Token Unlock of 18.75M $LINK Coins

These assets are likely intended for trading and liquidity purposes at Binance. The token release follows the usual schedule that the platform has maintained since 2022. Every 3 months, Chainlink unlocks almost 20M $LINK tokens from its addresses containing non-circulating supply.

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At the time of writing, $LINK is trading at around $11.23 with a 1.81% decrease in the last twenty-four hours. However, in the recent seven days, the crypto token has witnessed a 1.41% decline in terms of its price. On the other hand, in a relatively bigger timespan of a month, the $LINK token has gone through a 0.57% price dip.

A shift has taken place in $LINK’s performance, as shown in the historical data on TradingView’s above-mentioned chart. Chainlink analysis shows that $LINK was reportedly breaking out of the trendline following the Fed rate cut for a couple of days. However, a substantial change has occurred as a result of this latest event of the token unlocks. This token unlock has disrupted $LINK’s trend line breakout. It is now forming a red candle which may invalidate the breakout.

The Event May Put a Downward Pressure on $LINK’s Price

There is uncertainty about the potential future performance of the token. Hence, $LINK can go both directions. Additionally, the present market sentiment about the token stands at a neutral bearish spot of 38%. Moreover, it shows 54 as a neutral score on the Fear & Greed Index. Nevertheless, some analysts and investors have expressed apprehensions about the likely impact of token releases like this 18.75M token unlock as they can potentially exert downward pressure on $LINK’s price.