Is $20 On The Cards? LINK Price Rides High With Chainlink Staking v0.2 Rollout
29 Noviembre 2023 - 10:00AM
NEWSBTC
Chainlink, a widely used distributed computing platform, has
recently introduced an upgrade to its staking capabilities. Known
as Staking v0.2, this new version adds an extra layer of security
to the network and stands as a key component of Chainlink’s
Economic 2.0 strategy. The anticipated duration for the migration
of the protocol for the current v0.1 stakeholders is nine days.
Users cannot transfer their staked LINK or the associated rewards
to version 0.2 at this time. According to the most recent data,
LINK was trading at a price range of $14.7 to $14.9, representing a
monthly growth of over 30%. The majority of LINK oscillators
exhibit a consistent optimistic bias. The Relative Strength Index
(RSI) indicates a possible purchasing opportunity at 50. #Chainlink
Staking v0.2 is officially live on mainnet ⬡ Starting today,
existing v0.1 stakers have a nine-day window to migrate their
staked LINK and accrued rewards to the 45M LINK v0.2 pool, with
guaranteed access before Early Access begins.
🧵https://t.co/pcFAVXct3L — Chainlink (@chainlink) November 28, 2023
Chainlink (LINK) is experiencing an extraordinary quarter, having
gained nearly 100 percent since the start of October. At the time
of writing, the altcoin had risen as high as 12th among the largest
cryptocurrencies by market capitalization. LINK holders may still
have more to look forward to, as on-chain data indicates that the
recent ascent of the token has created favorable conditions for the
formation of robust support levels. Among these strongest support
levels, according to data provider IntoTheBlock, is the region
between $13.15 and $13.50. Related Reading: LUNC Soars Over 70% –
Temporary Spike Or Sustainable Climb Ahead? Chainlink: Staking And
Migration Advancements LINK maintains its favorable outlook in
spite of the general market volatility that has ensued since the
regulatory issues faced by the Binance exchange and the discourse
surrounding exchange-traded funds (ETFs). LINK market cap currently
at $8.21 billion on the daily chart: TradingView.com Whale
Transactions Up With the launch of the v0.2 migration, the
industry-leading Oracle network Chainlink has provided stakers with
a more flexible staking platform. In addition, it features an
adaptive rewards system, enhanced security guarantees, and a
modular architecture. Santiment, a market intelligence platform,
reports that whale transactions (see chart below) comprising LINK
worth a minimum of $100,000 increased by 1,145% in the previous
day, from 176 transactions on November 28 to 2,198 transactions as
of the time of writing. Source: Santiment Rapid growth in whale
activity is typically associated with increased volatility in an
asset. Furthermore, according to data from Santiment, LINK
experienced a marginal increase in total open interest (OI) within
the last day, rising from $211 million to $213 million. Eleven
months have passed since the protocol’s December 2022 introduction
of staking on the Chainlink network. A press statement from
Chainlink on November 28th stated that the v0.2 update includes an
increase in the amount of the staking pool to 45 million LINK. LINK
price action in the last seven days. Source: Coingecko The
aforementioned figure signifies a 96% growth from the initial
allocation of 22.5 million LINK to the staking pool in December,
which accounted for 8% of the altcoin’s circulating supply at the
time. Related Reading: Revving Up: Solana Bulls Ready To Charge As
Analysts Predict Rally Beyond $80 LINK Price Analysis: Eyes On The
$20 Mark Meanwhile, with Chainlink’s Staking v0.2 in play, LINK’s
value is on the rise, prompting the question: Will it hit $20? The
excitement is building as investors keep a close eye on the
numbers. The recent boost in LINK’s price has people hopeful about
reaching that $20 mark. As the crypto world unfolds, it’s a waiting
game to see where LINK’s journey takes us next. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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