Chainlink, a prominent decentralized network of oracles in the blockchain sector, has again grasped significant attention by unlocking its native crypto token $LINK in huge quantity. As per the data from Etherscan, it has unlocked up to 18.75M $LINK coins and transferred 18.125M $LINK (equaling $207M) from 5 addresses straight to Binance. Earlier, Chainlink unlocked 21 million $LINK in a previous unlock event in June.

Chainlink Conducts a Token Unlock of 18.75M $LINK Coins

The statistics point out that this event stands as the most recent in a sequence of quarterly coin releases. At Binance, these assets potentially intend to serve for trading and liquidity purposes. The respective token release takes place following the usual schedule that the platform has maintained following the year 2022. Every 3 months, Chainlink unlocks almost 20M $LINK tokens from its addresses containing non-circulating supply.

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At present, $LINK is changing hands at nearly $11.23 with a 1.81% decline in the last twenty-four hours. However, in the recent seven days, the crypto token has witnessed a 1.41% decline in terms of its price. On the other hand, in a relatively bigger timespan of a month, the $LINK token has gone through a 0.57% price dip.

According to the historical data, as shown in TradingView’s above-mentioned chart, a shift has taken place in $LINK’s performance. Chainlink analysis shows that $LINK was reportedly breaking out of the trendline following the Fed rate cut for a couple of days. Nonetheless, a substantial change has occurred as a result of this latest event of the token unlocks. This token unlock has paved the way for a disruption in $LINK’s trend line breakout. It is now forming a red candle which may invalidate the breakout.

The Event May Put a Downward Pressure on $LINK’s Price

Keeping that in view, there is uncertainty about the potential future performance of the token. Hence, $LINK can go both directions. Additionally, the present market sentiment about the token stands at a neutral bearish spot of 38%. Moreover, it shows 54 as a neutral score on the Fear & Greed Index. Nevertheless, some analysts and investors have expressed apprehensions about the likely impact of token releases like this 18.75M token unlock as they can potentially exert downward pressure on $LINK’s price.