Analysts Are Expecting Chainlink (LINK) to Pull Back After Parabolic Advance

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Chainlink (LINK) has been embroiled in a parabolic rally in recent weeks. The asset has gained hundreds of percent since the March capitulation lows. Chainlink could undergo a correction as technical signals suggest that the asset is overbought. There are also on-chain signals that show LINK investors are hesitant to believe the rally will continue. What may boost the asset’s bull case, though, is an increasing number of short position holders. This increases the likelihood of a “short squeeze” that will transpire, pushing prices higher once again. Chainlink Could See Steep Correction After Surge Chainlink is expected to drop after surging dozens of percent in the past few days, analysts say. The cryptocurrency is already down 4% on the day per data from Coin Market Cap. The head of technical analysis at Blockfyre, a crypto research firm, shared the chart below on August 14th. It shows that Chainlink is poised…

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