Will Chainlink face sell pressure after massive token unlock
Chainlink’s supply held by whales recently soared to a new weekly high, indicating that there was a large whale purchase. This may have contributed to the bullish momentum observed in the last few days....
- The circulating supply of the LINK token has increased by approximately 18.75 million tokens in the last 24 hours from non-circulating supply contracts.
- This token unlock could potentially lead to sell pressure on LINK, but previous unlocks did not result in significant price changes.
- The recently unlocked tokens represent only 2.82% of Chainlink's current circulating supply.
- Other factors, such as the increase in supply held by whales and the decrease in network growth and development, may have a more pronounced impact on price and investor sentiment.
- Chainlink's collaboration with the Depository Trust & Clearing Corporation (DCCT) highlights efforts to tap into the tokenized assets segment and contribute to long-term growth.
The sentiment in the article is mixed. While there is a concern about potential sell pressure due to the token unlock, there are also factors like bullish momentum and collaboration with DCCT that indicate potential growth for Chainlink.