Chainlink Bears Found a Weak Link As Rally and Interest Wane
After seeing an exponential price rally that took its price from USD 1.4 after crypto’s Black Thursday in March, to almost USD 9 in mid-July, chainlink (LINK) now finally appears to be taking a breather, with fading Google search interest putting a damper on sentiment.
At the time of writing, (09:47 UTC), LINK, ranked 9th by market capitalization, traded at a price of USD 7.22, down 3.6% over the past 24 hours and around 10% percent in a week. However, the fall still represents little more than a minor correction given the rise of more than 500% since its Black Thursday low.
LINK price chart:
Meanwhile, according to Google Trends, search interest for the term ‘chainlink’ is now almost back at the level from July 11, after seeing a peak in interest on July 13.
Further putting some pressure on LINK’s price may be a controversial report, published last week, which called Chainlink “a fraud,” and said the team behind the token uses “classic pump and dump techniques” to lure in token investors.
@MatiGreenspan Because I sold it at 8.08 from 2.12. That is the real answer.
— 🔥🔥🔥FREKI🔥🔥🔥 (@maxxrpbtc)
However, some still believe the correction seen in LINK over the past few days is only a short-term pullback in what will eventually become a larger parabolic trend.
Noobs get worried during pull backs.
— Kevin Svenson (@KevinSvenson_) July 20, 2020
Veterans see it as "constructive price action"
Usually described as a decentralized oracle service that provides real-world data to various on-chain applications, Chainlink has seen strong interest from retail investors over the past few months as the project has landed a number of partnerships. Among them is the decentralized token swap protocol Kyber Network (KNC), and the low-volatility money protocol known as Meter, which have both recently said they will integrate Chainlink’s oracle service into their respective protocols.
