Chainlink, despite relatively being a new coin, reached a market cap of $2 Billion after gaining more than 2,000% since its launch. LINK has been one of the best performers, not just in 2020, but over the course of the past 12 months. It is currently sitting at 12th rank in terms of marketcap behind EOS.
Fundamentals of Chainlink keep growing bigger and bigger everyday and the price action clearly reflects the same. LINK kept making higher highs and higher lows against BTC since early 2019. It once again broke upwards out of the ascending triangle at the beginning of July hitting a new all-time high of 0.00069 BTC and is currently consolidating between 0.0006 – 0.0007 BTC.
Source: Tradingview
Despite significant growth, LINK trend metrics remain bullish. Price has largely remained above the 200-day EMA since mid-2018 (not shown on chart).
On the other hand, total addresses holding LINK have reached 400k after growing significantly, indicating strong on-chain metrics.
Source: Glassnode
If LINK can break out the current consolidation levels and push past 0.0007 BTC, it is set to break into the list of top 10 coins by marketcap.
