- Chainlink unlocked 17.875 million LINK tokens worth $149 million, triggering a spike in exchange inflows and raising fears of increased selling pressure.
- As a result, LINK’s price dropped over 5% in 24 hours and 30% in the past month, hitting its lowest level since April.
Chainlink Slides to 2-Month Low as Whale Transfers Hit Binance
Chainlink (LINK) is facing heavy selling pressure after unlocking 17.875 million tokens—valued at approximately $149 million—on June 21. The tokens, released from Chainlink’s non-circulating reserve, were largely moved to Binance, the world’s largest crypto exchange, sparking concerns of a potential sell-off. This marks the eleventh scheduled unlock since 2022 and has once again reignited investor debate over its market implications.
Chainlink’s Exchange Inflows Spike Amid Price Weakness
The timing of this unlock is critical. According to blockchain analytics platform IntoTheBlock, exchange inflows for LINK have surged to over $225 million this week. Whale Alert flagged one of the largest transfers, where an unknown wallet sent 1.9 million LINK—worth nearly $25 million—to Binance.
Typically, traders interpret increased exchange inflows as a bearish signal, as they often precede mass selling. With more LINK entering trading platforms, the risk of oversupply looms, especially if demand doesn’t keep pace.
LINK Drops 30% in a Month—Is the Worst Over?
Chainlink’s price has plummeted over 5% in the last 24 hours alone, dipping to $11.80—its lowest since April. Over the past month, LINK has shed 30% of its value and is now down 13% year-over-year. These figures reflect a bearish market mood, amplified by macroeconomic uncertainty and token unlock cycles.
Despite the short-term pain, long-term holders remain hopeful. Chainlink still plays a vital role in the decentralized finance ecosystem. Its oracle technology powers critical services like proof-of-reserves, stablecoin data feeds, and cross-chain asset tracking—making it a foundational layer in Web3 infrastructure.
What’s Next for Chainlink?
While token unlocks are scheduled and expected, their immediate impact on price remains significant. Traders are now watching to see if LINK can hold support levels or if additional unlocks will drag the price lower.
For now, Chainlink’s fundamentals remain strong, but the short-term outlook is clouded by increasing sell-side pressure and market caution.
