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U.S. government moves $768K LINK to Coinbase spark sell concerns, but traders stay bullish amid recovery hopes.

Market News
11 Jun 2026
AMBCrypto
View Source
Neutral
pluang ai news

The U.S. government transferred 98,590 LINK tokens worth about $768,000 to Coinbase Prime from seized FTX Alameda wallets, raising fears of potential sell-offs. Despite this, Binance traders remain strongly bullish, with a high long/short ratio and over 72% of accounts holding long positions, signaling confidence in a price recovery. Chainlink's price rebounded from recent lows near $7.34, supported by improving RSI and key support levels around $7.95, suggesting potential for further gains toward resistance near $9.80 and $10.85. Derivatives data show more short liquidations than long, indicating short sellers are under pressure and a possible short squeeze is developing. Overall, while government-linked transfers stirred concerns, trader sentiment and technical indicators point to sustained optimism for LINK's price recovery.

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