In the past week, Chainlink (LINK) has surged significantly to an all-time-high price of $14. Presently ranked 6th by CoinMarketCap, LINK has seen its lowest price of $8.41 and highest of $14.36 in the last seven days. As other major cryptocurrencies have stalled at local highs, Chainlink has been one of the best performing cryptos over the past few weeks. Considering the recent achievements, an analyst said that Chainlink could hit $32 by the end of 2020. The crypto analyst, Timothy Paterson of Cane Island Alternative Investors, revealed this in a tweet:
“Did some quick analysis of Chainlink’s network growth rate and historical deviations in price put LINK at $32 by the end of year, but that price would not be sustainable.”
However, despite Chanlink’s recent growth, some analysts believe the cryptocurrency is presently overbought, therefore predicting a retracement.
A trader, Josh Olszewicz of Brave New Coin referred to Chainlink’s recent growth as the “overbought phase.” He revealed his opinion in a tweet posted on the 9th of August. In addition, another trader shared a chart in a tweet with the caption, “Link looks toppy here.”
Also in 2019, Forbes reported Chainlink as one of the two major crypto assets that competed with Bitcoin in price. After that, Chainlink dropped about 60% in the following three months.
With a market cap of $4,760,443,850, LINK is currently trading at $13.60. The cryptocurrency has increased over 2% in the last 24 hours.
Image Credits: Pixabay
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