Chainlink Unlocks 18.75 Million LINK, Transfers Majority to Binance as Bulls Eye Targets $12.71

• Chainlink transferred 18.125 million LINK to Binance, part of its regular quarterly unlock and transfer process.
• LINK faces resistance at $11.95, with strong support at $10.99 from the 50-period EMA, maintaining bullish momentum.
• Investors show steady buying pressure, with the Accumulation/Distribution line at 126.548 million LINK, supporting the uptrend.

Chainlink recently unlocked and transferred 18.75 million LINK from five non-circulating supply addresses. Out of this, 18.125 million were sent to Binance, a total worth of around $207 million. 

This is part of Chainlink’s regular practice, where every three months, 20 million LINK are unlocked from these addresses. Since 2022, Chainlink has moved about 133.4 million LINK, valued at $1.29 billion, into Binance in a similar manner.

LINK Price Action and Support Levels

Chainlink’s price is currently holding at $11.35 after a recent dip. It touched a daily high of $11.36 and a low of $11.21 in its latest movement. The token had reached a peak of $12.71 before a retracement occurred. 

However, the price action remains within a potential bullish structure. Key support is coming from the 50-period Exponential Moving Average (EMA), which sits at $10.99. This level has been substantial for maintaining bullish sentiment, and the price staying above this level indicates continued strength in the market.

Fibonacci Levels and Resistance Points

Chainlink faces resistance at the $11.95 mark, corresponding to the 0.236 Fibonacci retracement level. The price slightly retraced after testing this level, signaling its importance. However, support around $10.72 (the 0.618 Fibonacci level) and the $10.99 50 EMA remains strong. 

A break above the $11.95 resistance could push the price toward the previous high of $12.71. In contrast, a drop below $10.72 could signal a deeper retracement, potentially to $10.18, where further support lies.

Uptrend Strength and Investor Activity

Chainlink has been trending upwards, supported by an accumulation of LINK tokens by investors. The Accumulation/Distribution line shows steady buying pressure, with a figure of 126.548 million LINK. 

Additionally, volume trends show increased buying pressure on upward price movements, suggesting that the bullish momentum remains intact despite the current retracement.