From 7 of the previous 8 Chainlink unlocks, the LINK price rose within 30 days of the unlocking plan. 372.75 million LINK are still held.
Oracle service provider Chainlink unlocked another LINK token on Binance earlier today as part of its planned unlock. Despite the increase in market supply, if history repeats itself, LINK prices could see a significant increase in the future.
It is reported that Chainlink has unlocked 18.125 million native tokens this time. According to the on-chain data, Chainlink has unlocked a total of 18.125 million LINK tokens in accordance with the unlocking plan being promoted, and deposited these tokens in the cryptocurrency exchange Binance. A total of 18.75 million LINK tokens were unlocked this time, with a value of US$215 million, of which 625,000 LINK (worth US$7.18 million) were sent to a multi-signature wallet.
In the two years since August 2022, Chainlink has unlocked a total of $1.5 billion worth of LINK tokens per month, while depositing approximately 126 million LINK to Binance at an average price of $10.13.
Interestingly, historical data shows that every time LINK tokens are unlocked, the LINK price surges within 30 days of unlocking. This has been the case in seven of the past eight unlocks.
Despite the massive unlocking and depositing of LINK on centralized exchanges (CEXs), Chainlink still holds 372.75 million $LINK tokens in 24 non-circulating supply contracts.
Is LINK price about to rise?
LINK’s price action has lagged a bit lately, with flat returns over the past month. After hitting a high above $20.00 in March of this year, LINK price has been moving sideways, and has since corrected by more than 50%. Currently, Chainlink is priced at $11.35 with a market cap of $7.114 billion.
Therefore, if history repeats itself and LINK is ready for a rally, it will have a 100% gain to hit a new all-time high.According to recent reports, LINK price lacks momentum in either direction, which shows indecision among traders.
On the development side, the oracle platform has already struck some important partnerships. For example, Ethereum layer 2 scaling solution Metis recently integrated the Chainlink Cross-Chain Interoperability Protocol (CCIP).
Metis said the partnership aims to expand the variety of dApps that developers can create on its platform, opening up unique opportunities for cross-chain functionality.
Just two weeks ago, Sonic Labs integrated Chainlink CCIP to enhance the functionality of decentralized applications (dApps) on its platform.
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