According to data from CryptoCompare, around 19:30 UTC on Monday (July 6), decentralized oracle network Chainlink’s LINK token started a rally that saw it race from $4.876 — it’s previous all-time high (ATH) — to $5.40 (a new ATH) in just one hour.
And the rally did not stop there: by 05:40 UTC on Tuesday (July 7), Chainlink had managed to set another ATH when the price got to $5.643, as you can see in the 24-hour BTC-LINK price chart shown below:
One Chainlink fan found an interesting way to express LINK’s latest achievement:
EVERYONE who has EVER bought $LINK and simply held, is in profit.
— Linkavitch (@fomo_the_fud) July 6, 2020
It’s notable that LINK went above the $5.40 level for the first time on July 6, one day after on-chain market intelligence startup Glassnode said that on July 4 it had seen a daily net transfer volume of more than $16 million USD worth of $LINK to Binance wallets, which caused some commentators to fear that some whales could be getting ready to dump some of their LINK holdings, which could have had a negative impact on the LINK price.
Based on our exchange data, yesterday we observed almost 5,000 #LINK transfers onto #Binance wallets.
This resulted in a daily net transfer volume into the exchange of more than $16 million USD worth of $LINK – the largest we've seen so far.
Chart: https://t.co/fatKTwet5A pic.twitter.com/WU81rtQesK
— glassnode (@glassnode) July 5, 2020
Yesterday, two hours after the Chainlink token reached $5.38, crypto-focused behavior analytics startup Santiment commented on LINK’s latest price action:
1) 🚀 $LINK has hit an ALL-TIME HIGH of $5.38 after decoupling from $BTC today and surpassing the $4.90 mark with ease from Friday. Our Sanbase PRO members foresaw an even “higher high” coming after the 7/3 all-time high was accompanied by an ATH in pic.twitter.com/dfweboYAul
— Santiment (@santimentfeed) July 6, 2020
2) daily active addresses at 8,310 on 7/4, as well as an ATH in daily active address divergence on our DAA vs. Price Divergence model they have access to as part of their subscription. All subscribers can contact us if they would like access to one of our best leading indicators
— Santiment (@santimentfeed) July 6, 2020
It is also worth pointing out that LINK managed to set a new ATH yesterday on large volume. According to CryptoCompare, in the past 24-hour period, Chainlink, the 12th most valuable cryptoasset by market cap, has had the third highest trading volume (in USD) after Bitcoin and Ethereum with 8.06 million LINK tokens traded ($42.84 million).
For the year-to-date (YTD) period, LINK’s return on investment (ROI) against USD is +220%.
Of course, it is impossible to predict where Chainlink’s token will go from here (although Chainlink’s most fervent fans would not be surprised at all if LINK crosses the $10 level before the end of this year), but it’s easy to understand investors’ optimism when the Chainlink keeps announcing 2-3 new partnerships almost every week.
Here are three of the latest projects to announce integrations with Chainlink:
.@gelatonetwork, a protocol for automating dApps, is live on mainnet using Chainlink's Fast Gas/Gwei Price Reference Data. Gelato applies the fast gas price at the point of contract maturity, ensuring users pay the fair market price & can control gas costs.
— Chainlink – Official Channel (@chainlink) July 3, 2020
.@BuildWithCargo, the all-in-one NFT platform for developers, artists, and collectors, is integrating #ChainlinkVRF to offer highly scalable white-labeled NFT minting services to enterprise game companies. https://t.co/X6bZFsNKJD
— Chainlink – Official Channel (@chainlink) July 3, 2020
Low-volatility money protocol @Meter_IO is making #Chainlink's Price Reference Data available to #DeFi dApps built on its platform. This provides Meter w/ access to the largest collection of on-chain price feeds for creating a variety of financial assets. https://t.co/obAmIDYqyO
— Chainlink – Official Channel (@chainlink) July 7, 2020
