Chainlink (LINK) Gains Momentum as Community Pool for Staking v2.0 Quickly Fills, Eyes $20 Price Target
Crypto News – Chainlink (LINK), a prominent oracle service provider, appears poised for another price surge in the midst of a substantial resurgence in the altcoin market. The LINK price has rebounded to $16, marking a 3% gain in the last 24 hours, with its sights set on a potential target of $20.
Furthermore, Chainlink’s trading volumes have experienced a remarkable 50% surge in the past 24 hours, reaching $878 million.
On-chain Data Highlights Chainlink’s Strength
Santiment, an on-chain data provider, underscores the favorable position of long positions in Chainlink (LINK) through the Binance funding ratio. According to Santiment, the Binance funding rate ratio for Chainlink (LINK) has tilted significantly in favor of long positions, reaching its highest level in four weeks. As LINK surpasses the $16 mark, it is advisable to monitor whether the potential fear of missing out (FOMO) triggers a local peak or if prices can sustain their upward momentum, potentially aiming for $20 with minimal resistance.
Crypto analyst Ali Martinez notes that Chainlink is currently trading above a crucial support zone. Remarkably, over 17,000 addresses have accumulated 47 million $LINK tokens in the price range of $14.4 to $14.8. The possibility of this level holding suggests the potential for a rebound in the near term.
On the weekly chart, the price is currently navigating within an ascending triangle pattern, just above the interim support level at $14.66. Additionally, the Relative Strength Index (RSI) exhibits incremental movement while adhering to diagonal support, indicating the potential continuation of the bullish phase.
Should market dynamics successfully maintain the price within the ascending triangle pattern, a breakout above the resistance zone ranging from $16.19 to $16.70 becomes plausible. This breakout could set the stage for an upward trajectory towards the subsequent significant resistance level beyond $17.5, with the potential to reach $18 by the conclusion of 2023 or in the early days of 2024.
Chainlink Staking v0.2 Receives Overwhelming Response
The Chainlink Staking v0.2 community pool has quickly reached full capacity, with an additional 19 million LINK tokens staked within just 7 hours since the commencement of Early Access.
In a statement on social media platform X (formerly Twitter), Chainlink expressed its appreciation to the community, including both v0.1 migrators and new stakers, for actively participating in the v0.2 launch. A total of 40,875,000 LINK tokens have been contributed, actively enhancing the security of the Chainlink Network and the verifiable web.
Following the General Access launch scheduled for December 11, Staking v0.2 will be accessible to everyone as pool space becomes available upon the completion of withdrawals by existing stakers.