• LINK bulls were in the process of repelling bearish dominance amid the bid to cover operational costs.
• Chainlink development activity soared, likewise, its circulation.

The price of Chainlink [LINK] withstood the initial fear of falling to selling pressure after the decentralized oracle network sent 21 million tokens out of its wallets. On 16 June, Chainlink transferred the tokens out of its non-circulating supply.

Read Chainlink’s [LINK] Price Prediction 2023-2024

Around $95 million worth of tokens were sent to Binance, according to the Etherscan transaction receipt. Usually, such an action shows a motive to sell off the tokens and push LINK into a downward trend.

While large transfers can often trigger bearish sentiment, LINK went the opposite route, increasing by 1.20% in the last 24 hours. 

Fizzling out the red appearance

According to the LINK/USD daily chart, bears pulled down LINK to $5.013 from $5.995 up until 12 June. But bulls’ demand fought off another attempt by bears to send the price sliding. This ensured that LINK’s price rose to $5.346.

Despite increased demand, the Awesome Oscillator (AO) indicated that LINK was oscillating between sellers’ dominance and buyers’ desire to control. At press time, the AO was -0.855.

From the above chart,
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Author: Victor Olanrewaju

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