Crypto News

Chainlink up 30% following six-week downtrend and developer selloff

A Chainlink developer address appears to have been offloading tokens and putting downward pressure on prices. But things are looking up.

Following a six week downtrend from its all-time high, LINK has rebounded 30% in the past 24 hours after a reported developer selloff resulted in downward pressure on the oracle protocol token’s price.

The strong rebound in the Bitcoin price, a sea of green among DeFi coins and a new Chainlink partnership announcement have all contributed to the price increase.

Chainlink’s native token had fallen over 60% from its peak of $20 mid-August, bottoming out at crucial support levels around $7.50 on Thursday, September 24. The six week downtrend appears to have been been accelerated by multiple sales of large chunks of LINK from what UK crypto publication Trustnodes reports is the dev address.

This ‘dev address’ has been selling batches of 500,000 tokens, worth approximately $4.8 million per batch at current prices, regularly over the past six months. The frequency of sell-offs increased after LINK hit its all-time high last month. The address shows several outflows to a Binance address but then the trail goes cold.

There are around 26 million tokens remaining in this address, worth an estimated $258 million at current prices.

Image – Etherscan.io

Since its peak, LINK market capitalization has declined from more than $7 billion to around $3 billion currently, however it remains one of the best performing crypto assets this year surging over 1000% from January 1st to its all-time high. At current prices, it is still up 450% since New Year’s day.

The selloff has dropped prices back to a crucial support level and the ‘Link Marines’ appear to have chosen this point to load up again. The $7 to $8 price zone was where LINK held in July before its epic run up to $20. A return to that level this week has catalyzed buying pressure as traders eyed a long overdue bounce yesterday.

That bullish momentum mounted resulting in a surge of 30% in less than 24 hours as LINK prices topped out at $10 a few hours ago. Since then, prices have retreated a little and are currently hovering around $9.80.

Chart – Tradingview.com

The price bump came hours after Chainlink announced a partnership with travel company Travala.com. LINK has been integrated as a payment method on the crypto friendly hotel booking platform and token holders can book accommodation in over 2.2 million hotels and homes in 230 countries.

Bitcoin’s momentum may have also had an effect. The king of crypto is well known for its capacity to move the rest of the market and it too bounced off support at $10,250 with a gain of 5% in push to $10,750 over the past 24 hours.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Japanese esports company to pay its players in XRP
Will this ultimately prove to be a significant step for mainstream adoption, or a publicity stunt? SBI esports, a...
Analysts Believe Chainlink is Poised to Rally by 50%+ as It Shows Signs of Bottoming
Chainlink has struggled to maintain its foothold above $10.00, which was lost when the token faced a massive influx...
Dfinity poised to launch straight into Top 5 crypto tokens by market cap
“Feature complete” final milestone before public launch unveils governance system for the first time. On Sep 30, DFINITY announced...
This Chart Suggests Chainlink’s Parabolic Rise Isn’t Finished
Chainlink volatility is increasing after the asset fell from its all-time high of $20. A 60% collapse sent the...
Data Shows Interest in Ethereum is Crashing; Here’s Why This is Bullish
Bitcoin has been causing the entire crypto market to see some uncertainty, which has had grave impacts on Ethereum...
MyEtherWallet’s founder used to pay his rent by mining Bitcoin
His big takeaway? Mining rigs give off a lot of heat. Kosala Hemachandra, founder and CEO of crypto asset...

Featured Crypto News

A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin
The US dollar is on track for its most significant monthly performance since July 2019. But it continues to...
Chainlink up 30% following six-week downtrend and developer selloff
A Chainlink developer address appears to have been offloading tokens and putting downward pressure on prices. But things are...
The Pivotal Bitcoin Level Analysts Are Watching as End of September Nears
It’s been quite a boring month for Bitcoin. After plunging around $2,000 at the start of the month, the...
Uniswap’s UNI Token Could Rocket Past $6.00 as Bulls Defend Crucial Support
UNI – the governance token of the Uniswap platform – has been seeing some immense turbulence in the time...
100M people worldwide now use crypto-based assets, says Cambridge study
Skyrocketing figures show crypto’s growing global dominance.Skyrocketing figures show crypto’s growing global dominance Researchers at the Cambridge Centre for...
Why Top Global Brands Like the NBA and UFC Choose Dapper Labs’ Flow Blockchain
Developed by the team behind some of the most successful crypto applications in the world, Flow is a blockchain...