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Fears of Chainlink Price Drop after it Hit All-Time High

Chainlink (LINK) reaches its new all-time highs after breaking three-year records. The current price is bullish enough, but crypto inflows to exchanges may show a price drop soon.

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At press time, the price value of LINK is standing at $5.59 after surging by 15.43% in the past 24-hours. The sudden price rise has benefitted investors, and now, they are preparing to leave out of markets after selling it as data by crypto analytical firms confirm the coin transactions from wallets to cryptocurrency exchanges.

In the past 24-hours, the investment worth almost $200 million has been put by traders on Chainlink. After the injection of such a big amount, it becomes very easy for LINK to reach a new all-time high value fixed at $5.60.

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Accumulation of Cryptocurrency at Exchanges

On July 5, crypto data firm Glassnode reported via Twitter that 5,000 LINK transferred to cryptocurrency exchange Binance:

“Based on our exchange data, yesterday we observed almost 5,000 #LINK transfers onto #Binance wallets.

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This resulted in a daily net transfer volume into the exchange of more than $16 million USD worth of $LINK – the largest we’ve seen so far.”

The holder distribution chart shared by Santiment is showing the transfer of Chainlink tokens by addresses holding 100 to 1,000 LINK.

On July 7, Santiment took to Twitter and said:

“$LINK has hit an ALL-TIME HIGH of $5.38 after decoupling from $BTC today and surpassing the $4.90 mark with ease from Friday. Our Sanbase PRO members foresaw an even “higher high” coming after the 7/3 all-time high was accompanied by an ATH in.”

The significant amount of LINK present on exchanges can result in selling pressure if investors decide to profit by selling coins.

Garry Kabankin, the project coordinator at Santiment, said:

“Essentially, people moving LINK are trying to offload their bags and take profits. If LINK’s bulls are unable to absorb this rising sell pressure and sell walls, then usually it can affect the price quite negatively.”

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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