Why Chainlink is in a position to buck convention this time – AMBCrypto News

Chainlink’s price has been on a strong uptrend lately. In fact, in the last 24 hours alone, LINK managed to register a new ATH of $32, with the crypto’s market projecting strong bullish sentiments at press time.

However, history would suggest that LINK has had a tendency to endure massive price corrections, right after sustaining a prolonged uptrend. Ergo, the question remains – Post-ATH, where is LINK’s price likely to head? While it may be too soon to answer that question, some indicators seemed to be suggesting that LINK is likely to maintain a similar price level in the coming weeks.

Source: TradingView

In the past, there have been two instances where Chainlink’s price has undergone a substantial reversal in sentiment, right after a bull run. The first took place in September 2020 after the cryptocurrency hit the coveted $20-valuation. Following the same, Chainlink’s price fell by around 47 percent.

A similar downtrend was initiated toward the end of November as well, with LINK noting a loss of over 31 percent. Since then, however, LINK has sustained its bullish efforts, one that led to massive price discovery and the ATH it hit yesterday.

Taking into account historical price data, one can argue that LINK is likely to see a trend reversal and a price correction in the coming weeks. However, there seemed to be a possibility that the bearish trend change may have to wait a bit longer if one goes by a few metrics.

Glassnode’s data registered

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