Chainlink booms for a third weekend in a row as the decentralized price oracle increased by 10% in the past 24 hours with a price at $15.59 so let’s check on the Chain link news and price analysis below.
Chainlink booms again thanks to the successful increase over the past day. However, before the traders are able to celebrate the price increase, just remember that chainlink almost hit $20 last week before falling dramatically on Monday. This was a downtrend for the price which lasted the entire week and the recent price hike is now shaky. Now that the price is back up again, the $20 level remains to be hit again which Chainlink has still not managed to surpassed despite Barstool Sports CEO Dave Portnoy pumping the coin over the past week before quitting the game yesterday calling Link Marines “weak.”
Chainlink is the fifth most popular cryptocurrency by market cap after BTC, ETH and XRP. It increased to prominence this summer after getting swept away in the Defi space boom. Traders poured about a million of USD into protocols and they continue to do so almost every week.
However, there’s A group of analysts believe that Chainlink will decline even further after the recent 25% drop in the days ahead. LINK suffered a strong retracement since hitting the $20 level last week. The asset was close to hitting an all-time high price of $20 which is a 1000% increase from the lows in March. Very few expected that the price action will stop but it did a day ago when in only 30 minutes the price of Chainlink dropped by 20% from the $18.80 range to the $14.50 range. Some remained optimistic but quite a lot of them are bearish as they noted how this flash crash can be harmful to the asset and wonder what comes next after this crash?
Also in the chainlink coin news we saw that, Chainlink’s developer activity hits a new all-time high again as they recorded the mode code “commits” in the past 12 months which underlines the strong performance of the asset in 2020 with a plethora of partnerships across multiple companies and receiving support from international agencies such as the World Economic Forum. The developers maintaining Chainlink which is known for its strong community online, have conducted the highest activity on the protocol’s code over the past year as per the data on the GitHub software hosting platform.
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