Chainlink has rallied another 4% hike for today, maintaining its place at the 5th leading cryptocurrency asset by market capitalisation – but are investors really starting to become skittish.
In line with the on-chain analytics resource Santiment, Chainlink [LINK] investors might be “becoming increasingly uncertain in its prolonged rally.” Santiment reported that though there weren’t “many bearish indicators or signs of an impending top” for LINK as of last week, which will not be the case.
The number of LINK deposits into cryptocurrency exchanges reached an all-time high [ATH] of 8.2 Mln, an equivalent day the token reached an ATH price of roughly $15. LINK holders might also be shifting their tokens to exchanges to take profits as the last time an ATH for this metric was recorded the worth was at $4.51 USD, the token’s highest at the time.
LINK’s mean dollar invested age is additionally “dipping during a big way” Consistent with Santiment, indicating that long run holders have begun taking profits.
Santiment posted on 13th Aug. that the amount of daily active addresses was at 20,800, five days after the ATH of 22,600.
Despite these signs, LINK has not slowed down yet. Because of new investors like Dave Portnoy, CoinMarketCap data shows LINK hit a new all-time high today around $18.37 USD and now features a market capitalisation of over $6 Bln.
LINK Price Rises Over 124%
The price of LINK has risen over 124% within the two weeks alone, from $7.74 USD on 31st July to $17.36 USD as at the reporting time.
As reported on multiple factors which could have contributed to LINK rallying to new all-time highs, from the squeeze of short contracts within the futures exchange to most demand from yield farmers trying to urge their hands on YAM tokens – before the token tanked earlier today.
One of the strangest stories around LINK during its rally revolved around Zeus Capital. The investment company has attempted to talk the price of the token down and even reportedly offered Cryptocurrency Twitter influencers payments to post about LINK’s price action, reportedly because the firm holds a huge short position on the token.