Chainlink, a leading decentralized oracle network, has released 21 million tokens worth $295 million, causing a stir in the cryptocurrency market. This significant release has led to speculation about its impact on the price of LINK, Chainlink's native token. With a limited circulating supply of 1 billion tokens, the additional tokens may lead to a surplus, potentially affecting prices.

The recent transfer of 18.25 million tokens to Binance, a prominent cryptocurrency exchange, has raised eyebrows. This move is often seen as a preparation for sale, which may lead to a decrease in price. However, 2.25 million LINK tokens worth $31.30 million were sent to a multi-sig wallet, indicating that they may not be sold immediately. This conflicting information has left investors wondering about the future of LINK's price.

At the time of writing, LINK's price had dropped by 1.37% in the last 24 hours, trading at $13.61. This decline may be attributed to the token release and transfer to Binance. However, the network's speed, which indicates the processing time of transactions, has been increasing since June 20, according to Glassnode data. If this trend continues, LINK's price may rise. On the other hand, the IOMAP indicator suggests potential declines, and investors may reach resistance and support levels based on this indicator.

IntoTheBlock data reveals that a significant number of addresses purchased LINK at an average price of $13.40 and $13.90, respectively. While some investors are in profit, others are at a loss, which may lead to a breakdown even if LINK reaches $13.90. Therefore, the price could drop to $12.95. Investors are advised to exercise caution and conduct thorough research before making any decisions.

In conclusion, Chainlink's token release has created a buzz in the cryptocurrency market, with potential implications for LINK's price. While some indicators suggest a price rise, others point to a decline. Investors must stay vigilant and consider multiple factors before making any investment decisions.