{"id":109370,"date":"2019-07-04T15:12:53","date_gmt":"2019-07-04T22:12:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=109370"},"modified":"2020-02-03T21:04:39","modified_gmt":"2020-02-03T21:04:39","slug":"chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it\/","title":{"rendered":"Chainlink rises 320 percent, on-chain transactions suggest team is selling"},"content":{"rendered":"<p><a href=\"http:\/\/cryptoslate.com\/coins\/chainlink\">Chainlink<\/a> has been in the spotlight since Google <a href=\"https:\/\/cloud.google.com\/blog\/products\/data-analytics\/building-hybrid-blockchain-cloud-applications-with-ethereum-and-google-cloud?utm_source=twitter&utm_medium=unpaidsocial&utm_campaign=global-gcpcloud-gcp&utm_content=tipsandeducation-staticimage\">announced<\/a> that it was integrating it into its cloud-based services, <a href=\"https:\/\/cryptoslate.com\/chainlink-skyrockets-117-2-percent-listings-coinbase-pro-retail\/\">further surging<\/a> after <a href=\"https:\/\/pro.coinbase.com\/\">Coinbase Pro<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> revealed listing. In a matter of sixteen days LINK\u2019s value rose 320 percent from $1.11 to $4.64, and now on-chain transactions suggest that the company is getting ready to profit from the surge.<\/p>\n<h2>Chainlink on the rise<\/h2>\n<p>On June 13, Allen Day, a Google Cloud developer advocate, <a href=\"https:\/\/cryptoslate.com\/google-chainlink-implementation-link-skyrockets-70\/\">described<\/a> in a blog post how Chainlink could be used to make BigQuery data available inside an <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> smart contract. The integration would allow developers to reduce many inefficiencies encountered when building hybrid applications such as blockchain platform risks, masking transactions, and settlements on prediction marketplaces like <a href=\"https:\/\/cryptoslate.com\/coins\/augur\/\">Augur<\/a>.<\/p>\n<p>Shortly after the blog post was published, Chainlink\u2019s LINK token skyrocketed 77.42 percent within 60 minutes even though there was no announcement of an official partnership between the two companies.<\/p>\n<p>A similar <a href=\"https:\/\/cryptoslate.com\/chainlink-skyrockets-117-2-percent-listings-coinbase-pro-retail\/\">effect<\/a> was seen on June 26 when Coinbase Pro <a href=\"https:\/\/blog.coinbase.com\/chainlink-link-is-launching-on-coinbase-pro-d0b068e9070d\">disclosed<\/a> that it will be listing this altcoin on its platform, taking it up 23.30 percent within a few hours, and on June 28, when Coinbase also <a href=\"https:\/\/blog.coinbase.com\/chainlink-link-is-now-available-on-coinbase-1f3df2e9d21d\">added<\/a> the coin, taking LINK up another 104.49 percent within 24 hours.<\/p>\n<figure style=\"width: 1048px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/f7G3jzSGi0GF3g2ODOYPtWobCeJDplCHVI2lgi-faXaif-ks1dZyIqmcn5LZCz-TcNEx5HSN3vkAuUoknk3ofnEfk8tFB8unvqZ3WggMldtR4SXPt5780sl9ecyMAyW0g4bNHtBd\" alt=\"Chainlink (LINK\/USD) price movement chart with major events\" width=\"1048\" height=\"639\" \/><figcaption class=\"wp-caption-text\"><a href=\"https:\/\/www.tradingview.com\/chart\/LINKUSD\/\">LINK\/USD chart by TradingView<\/a><\/figcaption><\/figure>\n<p>The entire upswing that LINK experienced over the last month since Google\u2019s blog post totals 320 percent. It has been so significant that it appears the company is preparing to sell a large chunk of the tokens it holds and has yet to communicate the transaction with the community.<\/p>\n<h2>Cash out while demand is high<\/h2>\n<p>Based on transactions from Chainlink\u2019s \u201c<a href=\"https:\/\/etherscan.io\/token\/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xdad22a85ef8310ef582b70e4051e543f3153e11f\">development wallet<\/a>,\u201d 1.4 million LINK tokens were transferred into <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a>. The transactions indicate the team is selling its initial token allocation, which would increase the circulating supply of LINK by 0.4 percent.<\/p>\n<p>CryptoSlate reached out to Chainlink for clarity on the token movement and has yet to receive a response.<\/p>\n<p>The whitepaper outlines the following token allocation: 350 million sold during the ICO, 350 million to incentivize node operators and 300 million distributed to the company for a total of 1 billion tokens. At current prices, this would mean that Chainlink's reserves would be worth $1 billion.<\/p>\n<p>Commentators believe the sale was justified. The <a href=\"https:\/\/link.smartcontract.com\/whitepaper\">whitepaper<\/a> details that 30 percent of Chainlink\u2019s funds are meant for the project\u2019s future development. The firm could be liquidating some of their holdings to cover expansion costs and operating expenses.<\/p>\n<p>Regardless of the 1.4 million LINK tokens, several technical indicators also suggest the cryptocurrency could experience a major correction.<\/p>\n<h2>LINK technical analysis<\/h2>\n<p>On both the 1-week chart and the 3-day chart, the TD Sequential Indicator shows a green nine candlestick, which is a sell signal forecasting a pullback that could last for 1 to 4 weeks before the continuation of the bullish trend. The probabilities a bearish outlook are high due to the fact that the same signal has been given in two different time frames.<\/p>\n<p>Therefore, a move below the 38.2 Fibonacci retracement level that sits around $3 on the 3-day chart could take LINK\u2019s price down to the 50 or 61.8 percent Fibonacci retracement level, which is at $2.5 and $1.9 respectively.<\/p>\n<figure style=\"width: 1335px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/uS59kKVvdNjay8aXf-rgKFoERE06ErwCZzlIc35jeG3UiYPO2t0HLk7PgSkeXSG4Bje16dlorpGBhznMooWbSJ6hKhvojq1InzsugyLYx_9XvLHlBJdZRb5rKOuxmcyirXhNHKBr\" alt=\"Chainlink (LINK\/USD) price chart\" width=\"1335\" height=\"639\" \/><figcaption class=\"wp-caption-text\"><a href=\"https:\/\/www.tradingview.com\/chart\/LINKUSD\/\">LINK\/USD chart by TradingView<\/a><\/figcaption><\/figure>\n<p>The 50 to 61.8 percent Fibonacci retracement zone will be a very important area to watch out because this is where the 7-week moving average is on the 1-week chart and based on this longer-term perspective breaking below it could take this cryptocurrency down to around $1 where 30 and 50-week moving average is.<\/p>\n<p>Nonetheless, the sell signals will be invalidated if LINK is able to trade above the recent high of $4.8, which will have the potential to take it to higher highs allowing the bull trend to continue.<\/p>\n<p><em>July 5, 19:50 PST: Title revised to better reflect the content, non-reputable quote removed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink has been in the spotlight since Google announced that it was integrating it into its cloud-based services, further surging after Coinbase Pro and Coinbase revealed listing. In a matter of sixteen days LINK\u2019s value rose 320 percent from $1.11 to $4.64, and now on-chain transactions suggest that the company is getting ready to profit [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":109286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chainlink rises 320 percent, on-chain transactions suggest team is selling<\/title>\n<meta name=\"description\" content=\"LINK\u2019s value rose 320 percent from $1.11 to $4.64, and now on-chain transactions suggest that the company is getting ready to profit from the surge.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink rises 320 percent, on-chain transactions suggest team is selling\" \/>\n<meta property=\"og:description\" content=\"LINK\u2019s value rose 320 percent from $1.11 to $4.64, and now on-chain transactions suggest that the company is getting ready to profit from the surge.\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-04T22:12:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-03T21:04:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/07\/chainlink-token-report-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Chainlink rises 320 percent, on-chain transactions suggest team is selling\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/chainlink-rises-320-percent-and-insiders-could-be-preparing-to-dump-it\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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