Chainlink price crossed $13 for the first time in its storied history, now up approximately 30% in the past 24 hours
Chainlink price has continued to go higher; just minutes ago, LINK rose more than 20%, from $ 13 to a high of $ 13.6. LINK is clearly in the price discovery phase, with no historic resistance to halt its price action.
The chainlink price goes up to over $ 13 on some exchanges
Just a few minutes ago, the Chainlink price crossed the $ 13 level for the first time in its history. Cryptocurrencies are now up about 30% over the past 24 hours, substantially outpacing all other cryptocurrencies.
Cryptocurrencies have been seeing a massive influx of money in the spot and margin markets, pushing its prices higher. Although LINK has been benefiting from inflows of capital from buyers, the asset is also being driven by people trying to short it.
The funding rate of Binance Futures’ Chainlink market is currently negative at 0.02% per eight hours. This means that shorts are relatively overleveraged compared to long positions. LINK’s explosive price action, coupled with the funding rates, suggests that shorts were “squeezed” out of their position, pushing the asset higher.
This assertion can be corroborated by Ethereum blockchain data, where analysts have found transactions where individuals can be seen being liquidated on-chain.
Chainlink’s explosive price action comes as other cryptocurrencies offering oracle technology, which is Chainlink’s premise, which has also surged higher.
Band Protocol (BAND) has 52% in the past 24 hours, gained rallying to $ 12, similarly to LINK. The asset is benefiting from an impending listing on Coinbase Pro.
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