Chainlink continues its growth in the recent time not leaving many surprised. The price of Chainlink has now skyrocketed as it has reached $14.31 at the time of writing on Sunday night. It is a new record for the deFi token as it has grown more than 55% in the past few weeks.
Their has been a massive change seen in the last 24 hours as Chainlink has surged rallying from $9.85 to as high as $14.31 to mark an astounding growth in the present scenario.
Meanwhile, Chainlink’s competitor Brand Protocol (BAND) also recorded a massive surge. BAND rose up by at least 50% to reach an all-time high at $12.44.
It has been estimated that the prime reason behind the surge is the squeeze of short contracts in the futures market. As LINK was continuously rising, its funding rate stayed below 0%, hovering at -0.02%.
The cryptocurrency futures market employs a mechanism called “funding” to ensure the market is balanced. When the market is heavily swayed toward buyers, then buyers have to incentivize sellers and vice versa.
“I actually would be inclined to start looking for shorts soon, however it seems my entire feed is doing the same. So I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now,” a trader said.