Whether this is a case of “Fear of Missing Out” (FOMO) or not, it seems there’s no stopping Chainlink (LINK) from printing a new all-time high, just 20 days after the previous one.
LINK reached $9.2502 on Aug. 4, one day after volatility rattled the crypto markets, which caused the price to crawl back below $7 before the LINK holders (Link Marines, as they are called on Reddit and Twitter) managed to push the price up to $8.2814.
As of press time, LINK is at $9.69, higher than yesterday, which means the popular cryptocurrency is on the verge of another all-time high. There are signs of exhaustion, as noted by the indicators and the fact that the daily price is above the upper line of the Bollinger Band. However, history shows that in a wild crypto bull run, indicators appear to not matter.
Such was the case of Bitcoin at $11,048 on July 27, when the RSI and other indicators printed oversold signals. Yet the benchmark cryptocurrency managed to close at $11,890 6 days later and reached $12,000 the next day.
LINK’s value is now 89 percent higher than it was on July 6, when it broke above $5 for the first time, and 44 percent higher than when it fell to $6.5 after a strong price rally to its previous all-time high at $8.94.
What comes next for the popular altcoin remains to be seen. According to analytics firm Santiment, the social sentiment and the trading volume for LINK has continually increased, indicating that there might be more upsurge in LINK. There are signs of exhaustion, but as mentioned, if the market is truly in a bull run, no indicator could possibly properly predict where LINK is headed to. This is the same as for other cryptocurrencies.
The narrative for Chainlink is also affected by the news surrounding Zeus Capital, which reportedly said it is building a short position on LINK. The firm allegedly called the Chainlink team inexperienced and accused them of price manipulation. Several pieces of evidence linked Zeus Capital to Nexo Finance, but Nexo declined. More recently, it was revealed that Zeus Capital is offering influencers to spread FUD (fear, uncertainty, and doubt) through charts and statements.
But as the price action shows, LINK has shown no signs of it being weak and is on the verge of printing a new all-time high today.