$341M Chainlink Unlock Sparks 25% Surge; LINK Poised for Further Upside as 3-Month Price Consolidation Breaks
In a post on X, @spotonchain provided details of a recent sizable Chainlink unlocking event totaling $341 million worth of tokens. Specifically, they noted:
“19M $LINK ($341M) was unlocked from 3 Chainlink Noncirculating supply contracts ~2hrs ago, of which:
- 15.95M $LINK ($287M) deposited to #Binance
- 3.05M $LINK ($54.3M) moved to Multisig 0xD50f”
The post added historical context around previous Chainlink unlocks in 2022, stating:
“Since Aug 2022, #Chainlink has unlocked 106M $LINK, and then moved 88.95M $LINK to Binance at $9.06 on avg ($805M). Currently, there are still 412.5M $LINK ($7.35B) left across these 24 contracts.”
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Show more +Bulls Take Charge As Price Surges 25%
After the sizable unlocking event, Chainlink’s price surged by around 25% over the past 7 days. As the post noted:
“$LINK surged ~25% (7D). The price appears to slightly dip in the most recent 2 unlocks, despite previously being well-maintained.”
Technical Analysis Shows Continued Momentum
With the 25% price surge, Chainlink’s price managed to close above a key consolidation level at $16.9, where it had been stuck since November, clearing the way for further momentum. The close above $17.8 signals a bullish breakout.
From an RSI perspective, the reading of 65 shows bulls still have room to push the price higher before overbought levels are reached. This lines up with the breakout momentum.
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