- Chainlink (LINK) has been one of the most stellar performers in the past two months and analysts say that more gains are coming with strong support at $13.10.
- Chainlink launched a new version of its staking program this week and it has attracted 9.5 LINK tokens, with the maximum capped at 45 million tokens, or 8% of the supply.
Chainlink is one of the most important blockchain projects in the market, with its oracles powering most of the decentralized applications in the market. The price of LINK, its native token, seems to finally be catching up and over the past two months, it has doubled in price. According to analysts, more gains are on the way as the token records support higher lows.
On October 19, which is exactly six weeks ago, LINK was trading at $7.3617. Then came a surge in its trading activities, demand, and price. At press time, it trades at $14.79, a 200% rise in that period. On November 13, it hit $15, the highest it has traded since early May.
On-chain data shows that the best may be yet to come for the token. Data by IntoTheBlock shows that LINK has found strong support at $13.16. The blockchain analysis platform shows that investors poured in $177 million to acquire 12.4 million LINK tokens at around this price. These investors would be unlikely to sell their tokens at this price or lower, giving the token solid support at this range.
The platform had also previously signaled $13.16 as a resistance level for the token. This was because investors had put over $100 million into the token and were set to break even at this level. A substantial portion of these investors sold their tokens at a profit at this level but it still didn’t break the token which has continued to gain.
Chainlink (LINK) to Go Parabolic as Staking Takes Off
Staking has become one of the best ways to gauge interest in a crypto project. For Chainlink, this week saw the launch of its v0.2 upgrade which the team announced in August following the launch of v0.1 last December.
v0.2 comes with an expanded pool size of 45 million LINK tokens. As per the project’s blog post, the priority migration period went live yesterday, November 28 for existing stakers, while early access for new entrants is on December 7 and general access is on December 11.
The new version gives node operators greater flexibility without compromising on the non-custodial design of the staked LINK. It also comes updated with a dynamic reward mechanism that can support external rewards in the future, including user fees. Additionally, oracle services that rely on Chainlink Staking will have improved security guarantees as the node operator stake will be slashed.
And despite all the achievements—including facilitating $9 trillion—Chainlink founder Sergey Nazarov says the network still has a long way to go.
Chainlink is a platform that has now gone far beyond being the leading source of decentralized data, becoming a leading method for off-chain trust-minimized computation and now on its way to becoming the leading cross-chain connectivity standard across both Web3 and TradFi/Banks.… pic.twitter.com/BvY7feOwTG
— Sergey Nazarov (@SergeyNazarov) November 29, 2023
In an interview today, he said that while some of the aspects of the oracles can become sustainable and reusable, “the types of services and types of oracle networks will continually expand forever because there will always be new data, compute needs like AI and new approaches.”
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