Chainlink Maintains $12 Amidst 11.25 Million LINK Token Unlock
Chainlink has been navigating a descending channel since its rejection near $23 two months ago. Recently, it rebounded from a dip to $11.7 and is trading around $12.5. However, LINK is still down 8.78% weekly and 9.25% monthly, indicating ongoing market pressures.
Chainlink Supply Wallet Unlocks
According to Onchain Lens, Chainlink's non-circulating supply wallet released 11.25 million LINK tokens. Out of these, 9.23 million LINK, valued at approximately $116 million, were deposited into Binance in two transactions. The remaining 2.02 million LINK, worth nearly $25 million, were transferred to a Chainlink-associated multisig wallet.
These transfers mark the first activity from this wallet in over two months. Typically, such large exchange deposits precede selling activity. CryptoQuant data shows that Exchange Inflow surged to 10.2 million LINK, compared to an Outflow of only 1.1 million.
Market Reaction and Buyer Activity
Despite significant inflows to exchanges, LINK has maintained its $12 support level, indicating buyer intervention. According to Coinalyze, Chainlink registered a Buy Volume of 3.5 million against a Sell Volume of 3.2 million, resulting in a positive Buy/Sell Delta of 300,000 LINK, the first in two weeks. This suggests a short-term demand increase.
The Stochastic Relative Strength Index (RSI) also shows a bullish crossover, rising to 23, although it remains in oversold territory. This hints at growing buyer momentum. If support at $12 holds, LINK might rebound towards $13.02, with resistance at $13.7. Conversely, failing to maintain support could lead to a decline towards $11, with $10.9 as a critical level.
Final Thoughts
- Large token unlocks challenge market conviction, and LINK faced this near $12.
- Buyers' actions indicate short-term confidence, but sustained strength will depend on how quickly the excess supply is absorbed.