Following a six week downtrend from its all-time high, LINK has rebounded 30% in the past 24 hours after a reported developer selloff resulted in downward pressure on the oracle protocol token's price.
The strong rebound in the Bitcoin price, a sea of green among DeFi coins and a new Chainlink partnership announcement have all contributed to the price increase.
The six week downtrend appears to have been been accelerated by multiple sales of large chunks of LINK from what UK crypto publication Trustnodes reports is the dev address.
This 'dev address' has been selling batches of 500,000 tokens, worth approximately $4.8 million per batch at current prices, regularly over the past six months.
There are around 26 million tokens remaining in this address, worth an estimated $258 million at current prices.
At current prices, it is still up 450% since New Year's day.
The selloff has dropped prices back to a crucial support level and the 'Link Marines' appear to have chosen this point to load up again.
The $7 to $8 price zone was where LINK held in July before its epic run up to $20. A return to that level this week has catalyzed buying pressure as traders eyed a long overdue bounce yesterday.
Prices have retreated a little and are currently hovering around $9.80.
The price bump came hours after Chainlink announced a partnership with travel company Travala.com.
Chainlink up 30% following six-week downtrend and developer selloff
Publicado en Sep 25, 2020
by Cointele | Publicado en Coinage
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