Chainlink’s price has posted an incredibly intense rebound following yesterday’s dip.
This has allowed LINK to post massive gains today, with it currently being the best performing major cryptocurrency as its buyers push it to fresh all-time highs.
The crypto is now navigating up towards $16.00 – marking a massive rally from its daily lows of $12.00 that were set during the recent selloff.
Analysts are now noting that they expect this strength to persist in the near-term, and even carry it higher in the days and weeks ahead.
While speaking about this, one analyst explained that LINK would likely continue being driven higher by massive inflows of buying pressure.
This price action is also in-line with how it has been trading in recent weeks, as it has been significantly outperforming just about every major digital asset on the market.
Chainlink Rallies Towards $16.00 as Analysts Eye Further Upside
At the time of writing, Chainlink is trading up nearly 20% at its current price of just under $16.00.
This marks a massive surge from daily lows that were set in tandem with the market-wide selloff seen throughout yesterday.
Although LINK is still exposed to seeing selling pressure when the market faces a widespread downturn, its subsequent rebounds following these dips are typically far greater than those seen by other cryptocurrencies.
This trend has persisted, with yesterday’s decline sparking the sharp upwards movement it posted today.
It does appear that Chainlink is starting to run into some selling pressure around $16.00, but its intense strength may be enough to shatter this resistance level in the near-term.
One analyst noted that shorting strong assets like LINK is a risky business, as massive inflows of short positions help drive its price higher – a phenomenon seen by Tesla’s stock price in recent years.
Popular crypto analyst Cantering Clark spoke about this trend:
“Once a certain type of strength shows up in an asset, and in the case of LINK it has been the status quo, I don’t even bother trying to short it. It just becomes a game of roulette. LINK is the crypto TSLA now. Everyone wants the short, and it’s not going to come for a bit.”
LINK on Track to Post Higher Highs as Onlookers “Watch in Disbelief”
Once Chainlink broke its all-time high, analyst Josh Rager explained that the higher closes it has been posting on its 4-hour chart indicate to him that it will continue pushing higher.
“LINK: For about the hundredth time, when LINK dips, it usually outperforms every other asset on the bounce. Higher close on 4-hr chart with a new all-time high just above. I expect LINK to see new highs soon but many will keep watching in disbelief,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
Chainlink’s intense strength will likely allow it to continue defying the market-wide consolidation trend as it aims to secure the slot as the third-largest cryptocurrency by market cap.
Featured image from Unsplash.
Charts and pricing data from TradingView.
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Author: Cole Petersen