ChainLink is now the 6th most valuable crypto asset with a market capitalization of valued at $4.65 billion according to CoinMarketCap.The rise of ChainLink has been in the making for the past few years, gaining over 450 percent in the past 12 months alone. The surge in price has been a big endorsement for the ChainLink project, which has boosted investors’ confidence to buy the altcoin, contributing to its meteoritic rise. During the 12 month duration, the cryptocurrency was also able to move from 12th position in market capitalization to the current sixth just ahead of Cardano.
Over the last 5 days, ChainLink has seen a price surge of over 50 percent, hitting new highs of $14.56 and many analysts have expressed confidence with the cryptocurrency’s ability to keep on pushing to new highs. ChainLink had opened for the week with a value estimate of $8.27, but with many speculators being bullish on the crypto, it printed out all-time highs. The price surge for the week stood at 67 percent growth in the value of the crypto.
4-hour ChainLink Chart
ChainLink is on an ascending channel, having pulled back from the new highs at 14.56 and hit the lower trend channel support. The altcoin is now trending upwards and is expected to retest the upper trend channel resistance.
A statement released by Santiment, a cryptocurrency analytics firm, highlighted the reason behind the huge surge, indicating crypto investors were taking a long position due to the confidence they were having with the cryptocurrency.
However, not every investor is confident that the bullish rally will last long. Zeus Capital LLP went short on the ChainLink and continued to insist that the crypto will be bearish in the near future and might end up crashing to zero. This assertions by Zeus Capital prompted ChainLink supporters to launch a campaign aimed at liquating the short positions of the company.