Chainlink (LINK) has continued to surge higher since NewsBTC’s last market update. Just minutes ago, as per data from TradingView, the cost of the popular altcoin crossed above $13 just minutes ago, reaching a local high of $13.60.
LINK is clearly in a price discovery phase, with no historical resistances to suppress its price action.
Related Reading: XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: Trader
Chainlink Erupts to $13
Just minutes ago, Chainlink crossed $13 for the first time in its storied history. The cryptocurrency is now up approximately 30% in the past 24 hours, outpacing basically all other digital assets.
The cryptocurrency has been seeing massive inflows on spot and margin markets, pushing its price higher.
While LINK has been benefiting from capital inflows from buyers, the asset is also being boosted by those attempting to short-sell it.
The funding rate of Binance Futures’ Chainlink market is currently negative 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.
Chart of Chainlink's price action over the past three days from TradingView.com
This assertion can be corroborated by Ethereum blockchain data, where analysts have found transactions where individuals can be seen being liquidated on-chain.
Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
All Oracle Coins Are Rallying
Chainlink’s explosive price action comes as other cryptocurrencies offering oracle technology, which is Chainlink’s premise, have also surged higher.
Band Protocol (BAND) has gained 52% in the past 24 hours, rallying to $12 in a similar manner to LINK. The asset is benefiting from an impending listing on Coinbase Pro.
Related Reading: How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost Crypto
Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com Chainlink (LINK) Erupts to $13 as Buyers Continue to Rush In