Chainlink, ImmutableX, and Pyth have all witnessed remarkable growth in market capitalization over the past week, with Chainlink surging by 34%, ImmutableX by 23%, and Pyth by 26%.
The mainstream discussion surrounding these assets suggests that fear of missing out (FOMO) may drive high volatility in their prices.
📈🗣️ #Chainlink (+34%), #ImmutableX (+23%), and #Pyth (+26%) have all enjoyed impressive market cap growth in the past week. The mainstream crowd is discussing them at high rates, meaning #FOMO should lead to high volatility for these particular assets. https://t.co/ZtbiBgKaDM pic.twitter.com/xTLp8SaG4r
— Santiment (@santimentfeed) February 2, 2024
Chainlink, in particular, appears poised for further gains as on-chain analytics reveal a significant resistance level at $20.
Approximately 5,330 addresses collectively hold around 8.59 million $LINK, indicating a key area where a substantial number of tokens are concentrated, potentially serving as a target for the price to surpass.
#Chainlink appears primed for further gains! On-chain analytics reveal a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million $LINK. pic.twitter.com/cO1or7FRCd
— Ali (@ali_charts) February 2, 2024
Notable $LINK Token Unlocks To Monitor
Recent on-chain reports from analytics platform Spotonchain unveiled that 19 million $LINK ($341 million) was unlocked from three Chainlink noncirculating supply contracts a few hours ago. Of this amount, 15.95 million $LINK ($287 million) was deposited to Binance, while 3.05 million $LINK ($54.3 million) was moved to Multisig 0xD50f.
19M $LINK ($341M) was unlocked from 3 Chainlink: Noncirculating supply contracts ~2hrs ago, of which:
• 15.95M $LINK ($287M) deposited to #Binance
• 3.05M $LINK ($54.3M) moved to Multisig 0xD50fSince Aug 2022, #Chainlink has unlocked 106M $LINK, and then moved 88.95M $LINK… https://t.co/tqzkKvxE4V pic.twitter.com/aTnEem5d0k
— Spot On Chain (@spotonchain) February 2, 2024
Since August 2022, Chainlink has unlocked a total of 106 million $LINK, of which 88.95 million $LINK was transferred to Binance at an average price of $9.06, amounting to $805 million. Presently, there are still 412.5 million $LINK ($7.35 billion) remaining across these 24 contracts.
Despite experiencing a surge over the past 7 days, the price of Chainlink has seen a slight dip in the most recent two unlocks, despite previously maintaining stability. Currently, Chainlink is trading at $17.7, reflecting a 1% decline in the past 24 hours.
The surge in market cap growth for Chainlink, ImmutableX, and Pyth underscores the growing investor interest and confidence in these projects within the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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