Today the price of Chainlink (LINK) soared by more than 34% to reach a new all-time high at $8.48 and also notch a market capitalization of $2.5 billion.
Three key factors that likely pushed the price of LINK to a new record high were: high-profile partnerships, price discovery, and the strong momentum that currently drives the altcoin market.
Crypto market weekly price chart. Source: Coin360Price discovery drives LINK price higher
On July 6, the price of LINK surpassed its previous record high at $5.31 and officially entered a price discovery phase, which typically leads to a fear of missing out rally among investors.
Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises.
Within seven days of LINK recording a new historic high, its price rallied by more than 40% from $5.31 to $8.48.
LINKs trading volume also rose to levels unseen since April 2020, when the price of Bitcoin (BTC) was recovering from an intense drop to $3,750. At the time, demand for cryptocurrencies from retail investors on Coinbase was surging.
In regards to LINKs momentum, Cointelegraph contributor Michael van de Poppe said:
Personal target here at $7.10-7.25 reached since the tweets earlier. Such a beast. Just a matter of time until it reaches the next one at $10. I think that's doable this year.
LINK-USDT reaches a new all-time high. Source: TradingViewNew high profile partnerships
Throughout 2020, Chainlink has secured several high-profile partnerships with companies within the cryptocurrency sector.
On July 8, Chainlink partnered with Nexo, a crypto lender with reportedly 800,000 users, to deploy its oracle solutions. Chainlink co-founder