- Chainlink unlocked 11.2 million LINK tokens and sent 8.2 million into Binance.
- LINK’s market structure had become bearish and may not reclaim $17.22 in the short term.
- The LINK price has the potential to drop below $14 as selling pressure continues to increase.
In an unexpected circumstance, two Chainlink (LINK) non-circulating supply addresses sent $128 million worth of the token into Binance, based on data from Etherscan. This value was part of the 11.2 million unlocked tokens and the transfer implied that these tokens would be sold.
However, the action came as a surprise to the Chainlink community. This is because the project had initially said that the non-circulating supply would not be sold but be used as subsidies, and rewards for the network nodes.
An Explanation Is Not Enough
Some comments related to the disclosure showed that LINK holders were not dissatisfied with the development. However, ChainlinkGod, a community ambassador of the project tried to explain the reason for the action.
In a post on X, ChainlinkGod referred to the communication in June that the web3 project had, noting that the transaction was nothing out of the ordinary.…
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