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Chainlink (LINK) putting on another weekend rally – End of the dip?

  • The Chainlink (LINK) price has risen again since the beginning of the weekend from below $14 to temporarily above $16, despite the news that Dave Portnoy has sold his LINK.
  • According to Weiss Ratings there will be no crypto revolution without DeFi and no DeFi without Chainlink.

After Chainlink‘s price plummeted to a temporary 12.90 USD on Friday, losing more than 35% within five days, the “LINK marines” regained control of the LINK price over yesterday’s Saturday. At the time of going to press, LINK was trading at USD 15.57, up around 5% over the last 24 hours, while the rest of the crypto market was trending sideways.

As could be observed over the past three weeks, the LINK price has thus again recorded significant gains over the weekend. However, investors should be warned. The all-time high of around 20 USD was also recorded by Chainlink (LINK) last Sunday, only to fall by more than 3 USD within an hour on Monday, heralding the drastic losses of the past week.

It therefore remains to be seen whether the pump will continue beyond the weekend. In fact, Chainlink has lost a prominent investor and supporter. Dave Portnoy, the founder and president of Barstool Sports, explained on Friday that he has excited the crypto-market for the time being and sold his Bitcoins as well as LINK and OXT.

I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin

Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday.

Portnoy was supposed to be one of the reasons LINK pumped to $20 when he announced on August 13 that he had invested in Bitcoin and Chainlink with the help of the Winklevoss twins. Portnoy enjoys great popularity in the US, especially among Robinhood users, because of his daily vlogs in which he shares his success in day trading with US stocks.

Chainlink (LINK) is an integral part of Ethereum’s DeFi

However, since Portnoy’s exit, LINK has risen strongly again. As Weiss Ratings recently noted, one reason for this could be that Chainlink is an integral part of Ethereum’s DeFi. As the rating agency stated, there is no crypto revolution without DeFi and no DeFi without Chainlink. Accordingly, Weiss Ratings shared a bullish outlook for LINK:

There is no “#crypto revolution” without “decentralized finance.” And it’s looking more and more like there’s no #DeFi without #LINK. #Chainlink

As Weiss Ratings further stated, there were technical factors that drove the rise of LINK, besides the hype. So Chainlink provides “reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink’s oracle technology provides pricing data to a variety of popular DeFi protocols. These include Aave (LEND), Synthetix Network (SNX), Kyber Network (KNC), Ampleforth (AMPL), Loopring (LRC) and Bancor (BNT).

In addition, Google Cloud integrated Chainlink’s Oracles more than a year ago. According to Weiss Ratings, the most recent evidence is contracts with Deutsche Telekom’s T-Systems unit and with Swipe for the wallet and the crypto-debit card platform. Nevertheless, the rating agency found that LINK’s price increase was too steep.

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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