Chainlink $62.4 Million Transfer to Binance Triggers Cryptocurrency Market Surge

Chainlink made a $62.4 million transfer to Binance sparking a cryptocurrency market frenzy. Ten million LINK tokens were recently transferred to a Binance exchange by Chainlink. A well-known and significant exchange in the cryptocurrency market is Binance. According to recent statistics from The Data Nerd, the price of LINK was $6.24 per token at the time of the transaction.

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🔥💪🔥#Chainlink Initiates Significant Transfer Of 10 Million LINK Tokens To #Binancehttps://t.co/4j4kGenkV4#TOGRP7 #web3news #crypto #web3businessnews #web3communitynews #blockchain pic.twitter.com/iuIPJrQHwD

— #TOGRP7 (@TOGRP7) September 17, 2023

18:18:37|#Crypto #BTC #AI #etherum #BNB | BlockBeats news, on September 16th, according to data monitoring by The Data Nerd, Chainlink transferred 10 million LINK tokens (valued at approximately $62.4 million) to Binance 10 hours ago.

— crypto_king (@crypto_king_ai) September 16, 2023

 

In total, $62.4 million worth of LINK was transferred. According to past analysis, such concrete actions consequently cause a significant shift in the market because market players view them as an opportunity to position. While the purpose and context of the transaction are yet unknown, LINKUSD has been showing signs of bullish expansion since the news broke.

Key Chainlink Levels To Watch – September 17

Owing to the buying pressure from the $5.000 demand zone, the market structure of LINKUSD shifted to the upside. The emerging uptrend led to the invalidation of the double top at $6.670. A further rally occurred as the price surged into the premium zone.

The market’s trading range is currently between the $5.000 support and the $8.440 resistance. From the premium zone, a major correction to the downside occurred, sinking the price into the 79.0% retracement level. As the price struggles to keep declining at the discount, the upward trend is likely to resume soon.

Chainlink Key Levels

Resistance Levels: $7.910, $8.440, and $8.800
Support Levels: $5.740, $5.000, $4.300

Total Market Capitalization: $1.01T
Chainlink Market Capitalization: $3.45B
Chainlink Volume: $83M
Market Rank: #23

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