Chainlink (LINK) Still Looking Strong, Expecting Mainnet Launch in 10 Days

LINK was one of the assets that continued with a parabolic climb, boosted by Binance trading.

Chainlink (LINK) remains one of the altcoins going ahead of the pack, boosted by Binance trading. LINK slid a bit from its peak above $1.43, going to $1.21, with a 3.4% loss in the past day, but this loss is smaller compared to other altcoins. The mainnet launch at the end of May is one of the chief events affecting the prices.

LINK started off from lows of $0.43 in the past month, with continued growth and steep daily rallies. One of the reasons for the fast appreciation and immediate price reactions is the fact that LINK has more than 90% of its volumes on Binance, meaning a group of traders could easily stage a rally.

LINK also recently managed a record against Bitcoin (BTC), rising above 17,000 Satoshi, before retreating to the 15,000 Satoshi range. One of the reasons for the rally is the fact that LINK appeared onstage in the fall of 2017, went through the worst of the bear market cycle, and is now in a new stage of price discovery, with record trading volumes above $100 million’s equivalent in 24 hours.

The asset is also extremely volatile, moving between a peak at $1.28 at the height of the bull market in 2018, and lows of $0.21 in December 2018. Now, the asset has recovered and exceeded its peak price, a rare performance for many coins that never approached their highs again.

LINK is seen as a solid project that has lagged behind on self-promotion, hence the relative obscurity and a perception that the asset is undervalued. LINK also expects to launch its mainnet soon, but without hyping the event.

The Chainlink mainnet will happen in about 10 days, possibly leading to additional price speculation, but also pressure to sell.

https://twitter.com/Crypto___Oracle/status/1131027531228897280

There are expectations LINK may line up as a top 10 coin if the rally continues. Still, the reliance on a single exchange may also mean LINK can sink as fast and revisit lower levels, both in dollar and BTC prices.

Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.