- Jump Trading deposits 20 million LINA tokens to Binance, worth $451K.
- Each deposit by Jump Trading has been followed by a drop in LINA’s value.
- LINA experiences a decline in value compared to BTC and ETH.
Earlier today, Lookonchain, a blockchain tracking firm, took to Twitter to reveal that Jump Trading had substantially deposited 20 million LINA tokens to Binance. The deposit, estimated to be worth $451K, highlights Jump Trading’s confidence in Linear Finance (LINA) and its growth potential. This news is a testament to the increasing adoption of blockchain technology and the growing interest in decentralized finance (DeFi) solutions.
The company elaborated on their tweet to provide further insight, highlighting that Jump Trading has successfully deposited a substantial sum of 185M LINA to Binance. Interestingly, historical data indicates that each deposit has been accompanied by a subsequent drop in the altcoin’s value. Despite having sold a significant portion of their holdings recently, Jump Trading retains a sizeable 64.7 million tokens, as confirmed by on-chain data.
According to the latest update, LINA has experienced a decline of 4.71%, according to CoinMarketCap. This has resulted in the cryptocurrency’s value dropping to $0.0223, marking a repetition of historical trends.
In addition, the altcoin experienced a decline in value compared to the two dominant players in the market, Bitcoin (BTC) and Ethereum (ETH), within the last 24 hours. Consequently, LINA suffered a 3.32% decrease against BTC and a 3.90% decrease against ETH.
LINA’s recent price movement has been impressive, as it has successfully breached three significant resistance levels within a mere seven-day span. In doing so, the altcoin has even converted two of these levels into sturdy support points. The first of these crucial levels was the $0.012246 mark, which LINA’s price overtook on May 27th, 2023. From a technical standpoint, this remarkable feat speaks volumes about the coin’s potential for growth and stability.
Subsequently, LINA’s value continued to ascend, successfully flipping $0.018230 into a supportive level on May 30th, 2023. However, despite its valiant efforts, the cryptocurrency could not surpass the resistance level of $0.025239 during trading sessions on Tuesday and Wednesday, ultimately leading to a recent decline in LINA’s worth.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
