Santiment’s data suggests that the reason behind Chainlink’s recent surge to new ATHs may be no more soon.
Chainlink increased again by 4% today to still be at the number five spot among crypto assets with the biggest market capitalization. But it appears investors are beginning to drag their feet towards Chainlink.
Santiment, somewhere to look up to for on-chain analysis, says investors in Chainlink may now be wondering why its token has appreciated for a long time. Santiment said the experience with Chainlink last week may soon be the opposite.
Chainlink, for the first time since its creation rallied to $15 and total deposits in all crypto exchanges that support it reached $8.2 million. The last time Chainlink made an ATH (of $4.51), investors began to exchange to take their profits so it is likely that the same may happen soon.
In addition, Santiment revealed that LINK hodlers have also started selling.
The increase in daily activity of LINK owners since the day the ATH was reached is another reason investors may become cautious.
Notwithstanding, LINK has not slacked yet. This is because some new investors including Dave Portnoy have pumped in their money to buy the asset. According to CoinMarketCap data, LINK was valued at $18.37 today, giving it a new ATH and market cap that is over $6 billion.
Why LINK’s appreciation was prolonged
LINK was valued at $7.74 on July 31 but its current price is at about $17, giving it a profit that is approximately 119% in just two weeks.
One of the reasons that can explain this significant performance is that LINK was in high demand by those who wanted to invest in YAM tokens.
There is also an interesting story that connects Zeus Capital to LINK. It has been reported that the firm offered to pay crypto influencers that use Twitter to say something bad about Chainlink so that the price of LINK will fall. It is believed that Zeus Capital has a lot of sell orders for LINK so it really wants the price rally to end anytime soon.