Chainlink’s Rally Isn’t Over, Even After Making A New ATH & A 12.5 Million LINK Marine Retiring: Analysts
Yet another all-time high for LINK.
Chainlink is showing no signs of slowing down. The cryptocurrency has been going parabolic for over a year now.
After the March crash, it went on to make new highs, and since the altcoins started rallying the past week, LINK has been making a new ATH almost every other day.
Over the weekend, while the gains started slowing down, LINK only jumped higher to hit a new peak at $8.40.
At the time of writing, LINK has let go of some of the gains but is still trading at $7.75, up about 16% in the past 24 hours.
Messari’s Ryan Watkins noted that “on a fully diluted basis, LINK hit $8bn+ today, which is higher than Coinbase’s last valuation.”
ChainLink is proof that no one knows what they’re talking about and crypto “fundamentals” is basically macro sentiment, alchemy, and animal spirits.
— Ryan Selkis (@twobitidiot) July 13, 2020
However, in the last hour, it has incurred about 2% losses.
A retracement was expected after such heavy gains, as Santiment noted, “LINK is +28% in the last 24 hours! Long-term and short-term traders are now estimated to be +64% return per average trader. It is now #1 on our Emerging Trends list, which has historically returned a -9% retracement over the next 12 days once achieved.”
However, it still might not be the end of the rally for LINK.
With the latest gains, LINK had broken out of the channel it has been trading since late 2018. The last time, LINK broke the channel, it went parabolic. So, traders and LINK enthusiasts are excited about what the price will bring this time around.
$LINK closed its first candle above the log trendline in a full year.
Last time that happened it went parabolic. Is this a repeat? pic.twitter.com/Hac2hemFTl
— Cole Garner (@ColeGarnerBTC) July 13, 2020
According to trader Canetring Clark, LINK is more than likely to revisit the area around $7.50 more than once.
“Once on a pullback to move up again, the other on a retest breaking back down to the range we came from,” he said.
However, with these new highs and surging 400% since the March sell-off, it makes sense some of the LINK marines are taking the profits.
One such LINK marine retirement was tracked by Whale Bot. A whopping 12.5 million LINK tokens worth almost $103 million were transferred from unknown to Binance market sell wallet.
— Jonny Moe (@JonnyMoeTrades) July 13, 2020
Unlike the last time, in June 2020, these LINKs were sent to the exchange with the intention to sell to take off the profits from the face-melting rally LINK has been seeing for the past four months.