Data Firm: Chainlink Investors Are Becoming “Uncertain” About LINK Surge
- Hands down, Chainlink (LINK) has been one of the best-performing crypto assets of the past few weeks and months.
- As of this article’s writing, the Ethereum-based altcoin is up 20% in the past 24 hours, setting a new all-time high above $15.
- Chainlink is now the 5th largest cryptocurrency after starting the year far down on the digital asset leaderboard.
- Despite LINK’s parabolic price performance, there purportedly are some investors becoming “uncertain” about the future of the asset.
- This information comes courtesy of Santiment, a blockchain analytics firm
Chainlink Investors Are Getting “Uncertain” About Bullish Price Action: Santiment
Chainlink investors are purportedly getting increasingly “uncertain” about the asset’s multi-month rally. Santiment, a blockchain analytics firm focusing on investor sentiment, shared this sentiment in an August 12th tweet:
“$LINK is up a whopping +68.7% in the last week. However, we are seeing signs that investors are becoming increasingly uncertain in its prolonged rally. Speculative interest has exploded, and we’ve looked into some concerning signs for the #1 trending coin.”
Backing this sentiment, the company mentioned three crucial metrics regarding LINK. These three metrics are as follows:
- LINK deposits into exchanges have reached an all-time high. This suggests that there are a large number of holders of the cryptocurrency that are attempting to liquidate their position in LINK. Previous spikes in exchange deposits for Chainlink have marked prior highs.
- The number of daily active deposits of LINK has also spiked.
- Chainlink’s mean dollar invested age metric has begun to plunge. This was last seen near the February 2020 highs for the asset.
$LINK is up a whopping +68.7% in the last week. However, we are seeing signs that investors are becoming increasingly uncertain in its prolonged rally. Speculative interest has exploded, and we've looked into some concerning signs for the #1 trending coin. https://t.co/Id7GDEAw9z pic.twitter.com/fm8av3ZVUk
— Santiment (@santimentfeed) August 12, 2020
Zeus Capital Is Still Around—and They’re Still Expecting a Drop
Also expecting LINK to retrace is Zeus Capital, a cryptocurrency fund that became famous in recent months for publishing a report indicating Chainlink could drop 99%.
“Based on our findings we have opened a short position in LINK and recommend you doing the same with a target price of USD 0.07 and potential upside of nearly 100%,” the final sentence from Zeus Capital’s infamous report reads.
The company still expects Chainlink to fail despite the explosive price performance of LINK, which many thought would liquidate Zeus’ partners. Zeus wrote the following on August 11th, arguing that the “end is near” for what they see as a bubble:
“$LINK’s fully diluted market capitalization already exceeds the one of industry leaders like Dropbox, Western Union and Lufthansa. Users will never pay north of $12 per data retrieval. Speculative buying is a textbook example of a bubble. The end is near.”
Chainlink seems to be having none of this, though, as the asset continues to press higher as of this article’s writing.
Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com Data Firm: Chainlink Investors Are Becoming "Uncertain" About LINK Surge