As a seasoned researcher with over two decades of experience in the dynamic world of blockchain and cryptocurrencies, I find myself intrigued by the recent developments surrounding Chainlink (LINK). The unlocking and transfer of 18.75 million LINK to Binance, worth approximately $207 million, seems to be a recurring pattern that has been ongoing since 2022. While this move has boosted LINK’s total market cap to over $7 billion, the recent 2.68% drop in price within the last 24 hours is a cause for concern.
According to information from Etherscan, Chainlink (LINK) has released and moved 18.75 million LINK from five previously inaccessible wallets.
Approximately 18 million LINK were sent to Binance, valued at around $207 million.
Every three months, roughly 20 million LINK are released and transferred (to various destinations). Starting from 2022, approximately 133.4 million LINK, currently valued at around $1.29 billion, have been made available and forwarded to Binance in comparable transactions following a consistent pattern.
Currently, the market value of Chainlink stands at an impressive $7,126,165,519. Yet, over the past day, its price has experienced a decrease of 2.68%. As we speak, one unit of Chainlink is being exchanged for approximately $11.38.
Metis integration
On a Friday, it was announced that Metis, a scaling solution specializing in Ethereum’s Layer 2, has incorporated Chainlink’s Cross-Chain Communication Standard.
As an analyst, I’m thrilled to share that our integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has expanded the horizons for Metis🌿 developers, offering a plethora of exciting new possibilities. From facilitating cross-chain transactions to enabling multi-chain Decentralized Exchanges (DEXs), there’s something for everyone to explore and experiment with. Let’s delve deeper into these opportunities!
— Metis🌿 (@MetisL2) September 20, 2024
The goal of this partnership is to broaden the scope of applications developers can create within the decentralized environment of Metis, thereby improving cross-chain capabilities in a more robust manner.
When rally?
On September 20th, Chainlink’s price surged, hitting a record-breaking peak of $11.72.
However, despite signs of a rebound, LINK has not fully recovered from its late August losses, creating uncertainty about its ability to sustain growth beyond $12.
According to the Global In/Out of the Money (GIOM) analysis, approximately 106.89 million Chainlink (LINK) tokens, worth more than $1.2 billion, have been amassed between the price ranges of $11.61 and $13.24. For LINK to maintain its bullish trend, it is crucial that it forcefully surpasses the $13 resistance level and subsequently solidifies this as a support level.
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2024-09-21 15:16