- Chainlink’s $149M token unlock triggers fears but echoes past rebound scenarios
- Technicals flash weakness as LINK trades near oversold RSI and resists bullish flip
- Binance dominates LINK open interest, spotlighting short-term trading influence
Chainlink’s price action took a notable turn today as a significant amount of tokens 17.875 million LINK valued at $149 million were moved from non-circulating supply wallets to Binance, according to Lookonchain data. This large transfer has caught the attention of traders, as such wallet movements often precede shifts in market behavior.
Despite LINK currently trading at $12.64, down 2.39% on the day, historical patterns offer a potential silver lining. Notably, Chainlink has executed 11 major unlock events in the past. Interestingly, many of those were followed by price recoveries or even sustained rallies.
Chainlink Noncirculating Supply wallets deposited 17.875M $LINK($149M) into #Binance again today.
— Lookonchain (@lookonchain) June 21, 2025
Historically, #Chainlink has done 11 major unlocks—most were followed by price increases.https://t.co/edlAW6psdb pic.twitter.com/3NoK2yhDeo
Intraday Price Action and Market Behavior
The daily chart paints a picture of volatile movement. LINK opened around $12.95, briefly touched above $13.00, but quickly fell under pressure. A steep drop in price pulled LINK down to an intraday low near $12.35. The token later clawed back some losses but remained in a bearish trajectory.
Key resistance emerged between $13.00 and $13.10, where price action faced repeated rejection. Another hurdle was seen around $12.80.
On the support side, $12.35 provided a solid floor, pushing the price higher after the dip. The $12.50 level also showed minor buyer interest during a brief consolidation period.
Technical Indicators and Sentiment
Technical indicators reveal lingering bearish momentum. The MACD line sits at 0.44, and the Signal line at 0.54. Both remain below the zero line, signaling weak momentum and no signs of a bullish crossover yet. The histogram value of 0.09 reflects a neutral stance.
The RSI is currently at 37.64, which places it near oversold conditions. This level has historically triggered bounce-backs, suggesting a potential turnaround could be near if buying interest returns.
Open Interest and Exchange Dynamics
The total open interest in Chainlink derivatives stands at $233.4 million, with perpetual contracts making up the vast majority. Futures contracts contribute only $567.4 thousand. Open interest has dropped slightly, down 0.34% in total over the past 24 hours.
Binance leads in holding the most open interest at $98.5 million, followed by Bybit and OKX. This distribution shows where most traders are positioning their bets and adds insight into the dominant platforms influencing LINK’s short-term movement.
