Crypto News

Chainlink $LINK, ImmutableX $IMX, And Pyth $PYTH Experience Significant Market Cap Growth

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, 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.

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.

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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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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