The on-chain tracking platform Lookonchain has disclosed that 15.95 million LINK was sent into Binance, representing another round of non-circulating supply hitting the market. This regular three-month transfer has seen a total of 95.95 million LINK tokens sent since August 2022. Historically, this transfer tends to coincide with an increase in LINK’s price.
At the time of reporting, LINK’s price had increased by 25.59% in the last seven days, outperforming other top altcoins. However, LINK was experiencing resistance at the $18 mark, leading to a corrective retracement. The Relative Strength Index (RSI) indicated that LINK had become overbought, potentially leading to a decline in the price.
Looking ahead, the Fibonacci retracement suggests a potential buying opportunity around $14.78, with the possibility of LINK hitting the $20 mark if the price recovers. Additionally, the derivatives market showed a surge in Open Interest for LINK, which could pave the way for the price to break through resistance levels, potentially pushing it towards $19.50 and even $20.
It’s important to note that the information presented in this article is for informational and educational purposes only and should not be considered financial advice. Readers are encouraged to exercise caution and conduct their own research before making any investment or trading decisions related to LINK.
