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Is Chainlink Poised for a Sell Off After Reaching New ATH?

Is Chainlink Poised for a Sell Off After Reaching New ATH?

Chainlink rallied one other 4% in the present day, sustaining its place because the fifth largest crypto asset by market cap — however are traders beginning to grow to be skittish? 

In line with on-chain analytics useful resource Santiment, Chainlink (LINK) traders could also be “turning into more and more unsure in its extended rally.” Santiment reported that although there weren’t “many bearish indicators or indicators of an impending high” for LINK as of final week, which will not be the case.

The variety of LINK deposits into crypto exchanges reached an all-time excessive (ATH) of 8.2 million, the identical day the token reached an ATH worth of roughly $15. LINK holders could also be shifting their tokens to exchanges to take income because the final time an ATH for this metric was recorded the worth was at $4.51, the token’s highest on the time.

LINK’s imply greenback invested age can also be “dipping in a giant manner” in accordance with Santiment, indicating that long term holders have begun taking income.

Hyperlink deposits into crypto exchanges. Supply: Santiment

Santiment posted on Aug. 13 that the variety of each day lively addresses was at 20,800, 5 days after the ATH of 22,600.

Regardless of these indicators, LINK has not slowed down but. Due to new traders like Dave Portnoy, CoinMarketCap information exhibits LINK hit a brand new all-time excessive in the present day round $18.37 and now has a market capitalization of greater than $6 billion.

What’s behind the LINK rally?

The value of LINK has risen greater than 124% within the final two weeks alone, from $7.74 on July 31 to $17.36 as of this writing.

Cointelegraph reported on a number of elements which might have contributed to LINK rallying to new all-time highs, from the squeeze of brief contracts within the futures market to most lately demand from yield farmers attempting to get their palms on YAM tokens — earlier than the token tanked earlier in the present day.

One of many strangest tales round LINK throughout its rally revolved round Zeus Capital. The funding agency has tried to speak the worth of the token down and even reportedly provided Crypto Twitter influencers funds to put up about LINK’s worth motion, reportedly as a result of the agency holds an enormous brief place on the token.

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