Is $20 On The Cards? LINK Price Rides High With Staking Update

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 (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.

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:

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.

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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