Chainlink supporters expressed optimism regarding the coin’s performance despite others calling it a bubble. Some even claim it will break out soon.
Top 5 cryptocurrency Chainlink has undergone a sudden price crash on August 18 from almost $19 to $15. The asset is trading at $16.50 at the time of writing. The 20% drop has prompted crypto analyst CryptoWhale to compare the DeFi asset to the 2017 crypto rally, ultimately claiming that it is “in a bubble.”
CryptoWhale, who has a following of about 28,000, warned his followers to “read before falling victim to the Bubble.” He then posted a series of tweets to support his claim.
The tweets received a mixed response from the crypto community. Some agreed with CryptoWhale, while some expressed strong disagreement. One Twitter user named @Casteleah_E even pointed out that CryptoWhale’s prediction applies to speculative assets and not to Chainlink, which has a number of recent enterprise applications.
What the latter said may be true. At the moment, Chainlink’s Twitter has posted multiple applications and partnerships with various companies and platforms. One commenter said that the network is “finally expanding away from price feeds and into additional real-world data.”
As to the asset’s price, a couple of traders on TradingView claimed that a bull flag has been observed, and that it has a potential to break out soon.
Chainlink has drawn the attention of many in the crypto community due to its staggering rise through the leaderboards, surpassing heavyweights such as Bitcoin Cash, Litecoin, and Cardano. It has also bested other decentralized finance (DeFi) assets on CoinMarketCap and Coingecko.