2020 has been a spectacular year for LINK marines as the price of the cryptocurrency surged to an all-time high of $20 in the mid of August.
The uptrend started right after the violent March sell-off when LINK was trading at $1.5, recording a return of more than 1,230%.
As such, it was natural that the 8th largest cryptocurrency by market cap of $3.48 billion will make a correction here. And it is what happened.
Since then, LINK has been sliding, which resulted in the digital asset being one of the worst performers in the past few weeks, during which the DeFi market unwound, and in response, the crypto market also pulled back.
LINK fell to $7.2 on Wednesday, seeing a 64% drop from its peak.
Although the cryptocurrency has recovered some of those losses, it is hard to say if it is all over for LINK now. While some don’t believe it has bottomed yet, others are pointing out that it doesn't matter because “the LINK parabola still appears to be intact.”
It does not matter if the bottom is in or not to go long. Not how trading works. $LINK bounced 35% in a day. Need to trade small time frames to catch bottoms or timing will always be off. https://t.co/DpgQyvs9Sp
— Alex (@classicmacro) September 24, 2020
The good thing about any correction after such a wild performance is, it brings' buy the dip' opportunities for people to accumulate even more of that asset and to catch the train for those who may have missed it the last time.
And people took advantage of this dip with the top ten non-exchange addresses adding more LINK to their holdings during this downswing, as per Santiment.
The top ten LINK whales accumulated 12.85 million more tokens in just six weeks, showing this confidence in Chainlink.