$207 Million in Chainlink (LINK) Stuns Crypto Exchange Binance

Chainlink (LINK) recently unlocked and transferred 18.75 million LINK from five non-circulating supply addresses, according to data provided by Etherscan.

Approximately 18 million LINK were sent to Binance, valued at around $207 million.

This follows a pattern where Chainlink unlocks and transfers about 20 million LINK every three months. Since 2022, around 133.4 million LINK, worth about $1.29 billion, have been unlocked and sent to Binance in similar transactions.

The total market cap of LINK has risen to $7,126,165,519. However, in the last 24 hours, the price has dropped 2.68%. At press time, Chainlink is traded at $11.38.

Metis integration

On Friday, Metis, an Ethereum-focused Layer 2 scaling solution, announced the integration of Chainlink's Cross-Chain Interoperability Protocol.

This collaboration aims to expand the range of decentralized applications (dApps) that developers can build on Metis, enabling enhanced cross-chain functionality.

When rally?

On Sept. 20, Chainlink (LINK) experienced a significant price breakout, reaching a new high of $11.72.

However, despite signs of a rebound, LINK has not fully recovered from its late August losses, creating uncertainty about its ability to sustain growth beyond $12.

The Global In/Out of the Money (GIOM) indicator reveals that around 106.89 million LINK tokens, valued at over $1.2 billion, were accumulated between $11.61 and $13.24. To sustain its upward momentum, LINK must decisively break through the $13 resistance and establish it as a support level.