- Chainlink rebounded to $12.02 after unlocking $149M in LINK tokens, as whale transactions surged over 3,000%, signaling potential accumulation rather than a sell-off.
- Technical indicators and rising investor interest suggest a possible breakout above the $13.50 resistance in the coming days.
Chainlink Token Unlock Sparks Interest, Not Panic
On June 21, Chainlink (LINK) unlocked 17.875 million tokens worth approximately $149 million, transferring most of them to Binance. Contrary to expectations of a price dump, LINK rebounded by 4.03%, reaching $12.02 shortly after.
Whale Activity Surges Over 3,000%
On-chain data revealed a massive spike in whale transactions, suggesting that large holders may be repositioning for a bullish phase rather than exiting. Netflows flipped from negative to over $225 million, signaling a potential accumulation trend despite the tokens entering exchanges.
Technical Indicators Hint at a Bullish Reversal
LINK bounced off the lower Bollinger Band at $11.51 and is testing resistance at $12.00. A bullish divergence is emerging on the daily chart, with the RSI climbing while price action shows lower lows—often a precursor to trend reversals.
Chainlink Faces Crucial Resistance Levels Ahead
Traders are eyeing the $13.20 to $13.50 resistance zone. A breakout above $13.50 could pave the way for a rally toward $14.50 in early July. If Chainlink fails to hold above $12.00, support around $11.00 may come into play.
Long-Term Fundamentals Stay Strong
Despite a 29% drop over the past month, Chainlink’s trading volume has risen by 31%, and the Fear and Greed Index sits at a neutral 49. With adoption from institutions like Visa and Fidelity, LINK’s real-world utility continues to back its long-term value proposition.
