**Chainlink Price Stagnates as $287 Million Worth of LINK Transferred to Binance**

The performance of Chainlink’s price has been a significant focus in the past week, seeing a 25% increase. However, the momentum seems to be slowing down as it struggles to maintain its position above the $18 mark. This slowdown aligns with the transfer of 16 million LINK tokens to Binance. The halt in price movement is attributed to unlocked tokens from non-circulating supply contracts. As a result, the price of LINK experienced a slight dip. Despite this, the on-chain data shows a surge in transaction volume, hinting at potential bullish momentum for the altcoin.

In a recent post by SpotOnChain, it was revealed that 19 million tokens, worth approximately $341 million, were recently unlocked from three of Chainlink’s non-circulating supply contracts. Among these, 15.95 million tokens, valued at $287 million, were moved to Binance, with the remaining 3.05 million LINK transferred to a multi-sig wallet, 0xD50f. This is not the first time such significant transactions have occurred, as Chainlink has been unlocking and transferring tokens to Binance since August 2022.

The data also indicates that the last two unlocks were followed by a slight dip in LINK’s price, with the token currently sitting at $17.86. However, positive network fundamentals could potentially drive a resurgence in its bullish run. Recent on-chain data highlights a notable increase in network activity for Chainlink, with the transaction volume reaching its highest point in almost two years. More than 72.24 million LINK tokens, equivalent to $1.3 billion, were transacted on Friday, February 4.

*Featured image from iStock, chart from TradingView*

**FAQ**

1. **What is Chainlink?**
Chainlink is a decentralized oracle network that enables smart contracts on the blockchain to securely connect with external data sources.

2. **What is the significance of the transfer of LINK tokens to Binance?**
The transfer of a substantial amount of LINK tokens to Binance may impact the price of Chainlink, as it can introduce selling pressure and influence market sentiment.

3. **How does network activity affect the price of LINK?**
Increased network activity, such as a surge in transaction volume, can signal heightened interest and investment in Chainlink, potentially leading to a positive impact on its price.

4. **Is there a potential for a bullish run for Chainlink?**
Despite the recent stall in price, positive network fundamentals and increased transaction volume suggest the potential for a bullish momentum in the near future.