Chainlink (LINK) is exploding higher once again. In the past 24 hours, the leading altcoin has surged 12.33% against the U.S. dollar, outperforming Bitcoin’s 0.5% performance.
At the $19.00 price that LINK is trading at, the cryptocurrency is at an all-time high. This is the latest high in series of higher highs set over recent months, enabled by an influx of investors into the altcoin.
Many analysts have been confused by this price action, as LINK now has market capitalization just $4 billion shy of Tether. There seems to be a growing sentiment within some circles, though, that a high is near.
What’s Up With Chainlink?
Many are congratulating Chainlink investors for managing to push the asset so far to the upside, yet there are some that think a top is near.
While published below the ongoing pump, this recent chart from the head of technical analysis at Blockfyre shows that LINK is nearing a top by Elliot Wave standards.
Elliot Wave is a form of technical analysis that suggests that markets move in predictable waves due to investor psychology. Technically, this bearish idea was not invalidated as there aren’t set limits on the length of Elliot Waves:
“4hr chart. It’s coming fam. Also I don’t know anything about Elliot Waves at all. But if I did. I’d say that’s a clear 5 wave structure. But I don’t and this fits my very short term bias and thesis so we’re going to roll with this.”
Chart of LINK's price action against the dollar over the past few months/years from trader Pentoshi (@pentosh1 on Twitter). Chart from TradingView.com
There’s also some on-chain data suggesting that a pullback is possible. Over the past few days, blockchain analytics firms have observed a large inflow of LINK capital into exchanges, suggesting there are individuals looking to sell their stashes.
Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Finally Launches
Dave Portnoy Is Bullish
Funnily, LINK may be benefiting from Dave Portnoy — the founder of Barstool Sports who has since become a celebrity day trader. This week, Portnoy bought Bitcoin and LINK with the help of the Winklevoss Twins of the Gemini exchange.
Since purchasing a reported $200,000 in BTC and $50,000 in LINK, he has been promoting both assets non stop.
On August 15th, he published this simple tweet below, calling for Chainlink to go to the moon. The tweet has since garnered thousands of likes and replies as many have agreed with Portnoy’s sentiment.
$link to the moon.
— Dave Portnoy (@stoolpresidente) August 15, 2020
The reason why his tweeting about LINK is bullish is due to his audience. Since he has converted his efforts to trading, hundreds of thousands, maybe millions, have watched his videos wondering about his insights.
Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com What Analysts Are Thinking After Chainlink (LINK) Jumped Another 15%