Is Chainlink facing a selloff after hitting a new all-time high?

Chainlink is up another 4% todayand keeps its place as the fifth largest crypto asset by market capitalization – But are investors getting nervous?

According to the chain analysis resource Santiment, Chainlink (LINK) investors can “Be increasingly indecisive about your extended rally“”. Santiment reported that while LINK hasn’t had “many bearish indicators or signs of an impending top” since last week, it may not be.

The number of LINK deposits on exchanges reached an all-time high of 8.2 million (ATH)The same day the token hit an ATH price of around $ 15. LINK holders can exchange their tokens for profit on exchanges as the price for this metric when an ATH was last published was $ 4.51. the highest of the token at that time.

Is Chainlink facing a selloff after hitting a new all-time high?
Is Chainlink facing a selloff after hitting a new all-time high?

The median investment age of LINK in US dollars is also “falling sharply”.According to Santiment, this suggests that long-term owners were starting to make profits.

Link deposits to crypto exchanges

LINK deposits in crypto exchanges. Source: Santiment

Santiment Publicity on August 13th that The number of daily active addresses was 20,800, five days after the ATH of 22,600.

Despite these signs LINK has not slowed down yet. Thanks to new investors like Dave Portnoy, CoinMarketCap data shows that LINK hit a new all-time high today at $ 18.37 and now has a market cap of over $ 6 billion.

What’s behind the LINK rally?

In the past two weeks The LINK price increased by more than 124%from $ 7.74 on July 31 to $ 17.36 at the time of writing.

Cointelegraph reported on several factors that may have contributed to LINK making new all-time highs. From the reduction in short contracts in the futures market, to recent demand from high yield farmers trying to get YAM tokens before the token collapsed today.

One of the strangest stories about LINK during its rally turned around Zeus Capital. The investment firm tried to lower the price of the token and even offered payments to Twitter influencers to publish the price campaign from LINK, apparently because the company has a massive short position in the token.

Similar Posts