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Chainlink (LINK) set new ATH above $27 for the first time

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Chainlink (LINK) set new ATH above $27 for the first time
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The price of Chainlink (LINK) rose to a record high of $27.02 on February 5, 2021 and then fell slightly.

Chainlink has gone through four major market cycles so far. Unlike most of the other altcoins, LINK has moved up.

Take a look at these previous cycles and see how they compare to the current upward move.

The first Chainlink market cycle

LINK’s first market cycle took place between September 2017 and June 2018.

The cycle began on September 28, 2017 at a low of $0.12. An increase of 1,237% in a span of 103 days followed this low, creating the first all-time high price of $1.51, which stood until June 2019.

After peaking, LINK made corrections over the next 171 days and hit a low of $0.159 on June 28, 2018.

Since then, LINK has started its second market cycle. The $0.159 low has not been visited since then.

LINK Chart. Source: TradingView

The second market cycle

The second market cycle took place between June 2018 and March 2020. The growth rate of this cycle is much higher than the first.

In 372 days, LINK rose 2786%, peaking at $4.80 on June 29, 2019. After breaking the all-time high of $1.51, LINK continued to grow at an accelerated rate until it hit $4.80.

After that, LINK made corrections over the next 258 days, a reduction of 72%.

Although LINK technically hit a slightly higher high in March, we are treating it as part of the correction structure as it is part of a shallow correction.

LINK Chart. Source: TradingView

Third market cycle

The third market cycle started with a low of $1.34 on March 13, 2020 and continued to a high of $20.71 on August 17, 2020. The daily growth rate is approximately 1%. The first two market cycles.

After reaching the August high, LINK corrected 61% over the next 128 days. Similar to the second cycle, LINK hit a slightly lower low earlier, but the final low of $8.03 is still part of the correction.

Since then, LINK has continued to rise. On February 5, 2021, it hit a record high of $27.02.

LINK Chart. Source: TradingView

Current LINK movement

So far, the current Chainlink market has had the highest cycle growth rate. LINK rose 198% in just 41 days and 5% daily.

If LINK continues to grow at the same rate of growth, the current cycle will be the steepest, which is likely to result in a parabolic rise in the future.

LINK Chart. Source: TradingView

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