After seeing an exponential price rally that took its price from USD 1.4 after crypto’s Black Thursday in March, to almost USD 9 in mid-July, chainlink (LINK) now finally appears to be taking a breather, with fading Google search interest putting a damper on sentiment.
At the time of writing, (09:47 UTC), LINK, ranked 9th by market capitalization, traded at a price of USD 7.22, down 3.6% over the past 24 hours and around 10% percent in a week. However, the fall still represents little more than a minor correction given the rise of more than 500% since its Black Thursday low.
LINK price chart:
Meanwhile, according to Google Trends, search interest for the term ‘chainlink’ is now almost back at the level from July 11, after seeing a peak in interest on July 13.
Further putting some pressure on LINK’s price may be a controversial report, published last week, which called Chainlink “a fraud,” and said the team behind the token uses “classic pump and dump techniques” to lure in token investors.
@MatiGreenspan Because I sold it at 8.08 from 2.12. That is the real answer.
— FREKI (@maxxrpbtc)
However, some still believe the correction seen in LINK over the past few days is only a short-term pullback in what will eventually become a larger parabolic trend.