- A recent tweet by Lookonchain noted a large LINA deposit to Binance made recently.
- According to the post, Jump Trading sent 20 million LINA to Binance earlier today.
- The altcoin’s price was down 4.71% and trading at $0.0223 at press time.
In a tweet published this morning, the blockchain tracking firm Lookonchain shared that Jump Trading recently made a large Linear Finance (LINA) deposit to Binance. According to the post, Jump Trading sent 20 million LINA, estimated to be worth $451K, to Binance earlier today.
Jump Trading deposited 20M $LINA ($451K) to #Binance again 35 mins ago.Jump Trading has deposited 185M $LINA ($4.1M) to #Binance during the price rise, and every time the price of $LINA will drop after deposits.Jump Trading still holds 64.7M $LINA ($1.46M) currently. pic.twitter.com/pllKeIRG0r— Lookonchain (@lookonchain) June 1, 2023
The firm added to their tweet by noting that Jump Trading has deposited a total of 185M LINA to Binance, and that each deposit was historically followed by the altcoin’s price dropping. Despite depositing and selling a large amount of LINA over the past few days, Jump Trading still holds 64.7 million tokens, according to on-chain data.
At press time, it seemed like history repeated itself as CoinMarketCap indicated that LINA’s price was down 4.71%. This brought the crypto’s price down to $0.0223.
Furthermore, the altcoin also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. As a result, LINA was down 3.32% against BTC and 3.90% against ETH.
Daily chart for LINA/USDT (Source: TradingView)
From a technical perspective, LINA’s price had broken through 3 major resistance levels in the past 7 days, flipping two of the price points into support levels in the process. The first key level that was broken was $0.012246, which the altcoin’s price surpassed on 27 May 2023.
Thereafter, LINA’s price continued to climb and flip $0.018230 into support on 30 May 2023. The crypto attempted to do the same with the resistance level at $0.025239 on Tuesday and yesterday, but was unable to close the daily trading sessions above the mark. These failed attempts subsequently resulted in the recent drop in LINA’s price.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Whale Recently Deposited 20M LINA to Binance, Potential Selloff? appeared first on Coin Edition.