ChainLink price surges 15% to hit new all-time high

By Ray Crawford·4 August 2020·1 min read

Key Points

ChainLink's token LINK established a new all-time high at $9.50 on August 4, jumping 15% over the previous 24 hours.
The surge pushed the decentralized token into the top 10 cryptocurrencies by market

ChainLink's token LINK established a new all-time high at $9.50 on August 4, jumping 15% over the previous 24 hours. The surge pushed the decentralized token into the top 10 cryptocurrencies by market cap at $3.29 billion. Over the past week, LINK gained more than 30%, outperforming Bitcoin by 11.76% and Ethereum by 9.88% in the same span.

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The token bounced back from March lows. LINK fell to $1.52 during Black Thursday before buyers arrived. From a July 6 low of $4.70, the token surged 75% in two weeks to reach $8.95 on July 15. Sellers appeared at that level and drove the price down to $6.40 by July 27, a time when Bitcoin surged past $10,000 and most altcoins fell.

Buyers returned to the token last week. On August 1, LINK dropped from $8.50 to $6.60 intraday. Buyers stepped in to accumulate the dip. Unique addresses holding between 1,000 and 10 million coins increased over three days. Holders remained bullish. Community members, known as ChainLink marines, watched for a break above $10.00. Year-to-date, LINK has climbed 485%.

As of writing, LINK traded at $9.33. Analyst Josh Rager called the recent consolidation "a breather" and predicted the token would break through the $10.00 level. According to Rager, breaking above $10.00 is "only a matter of time after a break and close above $8.70."

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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