Цхаинлинк (LINK) looks poised for a 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical factors.
Chainlink’s price rallies ahead of staking launch
The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called “Цхаинлинк Ецономицс 2.0” that focuses on boosting LINK holders’ reward-earning opportunities for “helping increase the crypto economic security” of Chainlink’s oracle services.
Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.
Additionally, demand for LINK’s parent platform, Chainlink, as an oracle service provider, should also increase.
David Gokhshtein, founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent ФТКС колапс.
The analyst highlighted how traders have been seeking more clarity on exchanges’ reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK’s price higher.
$ ЛИНК дефинитивно се занемарује. Са свим што се догодило и са новим „Доказом резерви“ који се избаци тамо, ЦхаинЛинк ће се користити за избацивање тих података тамо.
- Давид Гокхсхтеин (@давидгокхсхтеин) Новембар 26, 2022
Chainlink Labs launched its proof-of-reserve auditing services to exchanges on Nov. 10.
The speculations have helped LINK’s price rally in recent days. Notably, Chainlink’s price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.
The LINK/USD pair now eyes further upside in the near term, price technicals suggest.
A failed LINK price breakdown
LINK reclaimed its multi-week rising support trendline on Nov. 29, three weeks after losing it in the wake of the FTX-led market sell-off.
In doing so, the Chainlink token also invalidated its prevailing ascending triangle breakdown setup према 4 долара.
It now trades inside the pattern’s range, eyeing a rally toward the upper trendline near $9.40, up 25% from the current price levels, by the second week of December, as shown below.
Michaël van de Poppe, market analyst and founder of Eight Global, also anticipates LINK to hit or cross above $9
#Цхаинлинк showing a ton of strength, also expecting continuation there to happen.
If I didn’t have a long yet (but I do), then I’d be targeting for something like this in which I’d be looking at $9 area for a TP. pic.twitter.com/rRdv4eL91H
- Мицхаел ван де Поппе (@ЦриптоМицхНЛ) Новембар 29, 2022
Moreover, a bullish continuation move above the $9.40 resistance could have LINK eye $16 next, the ascending triangle breakout target.
Релатед: Бинанце објављује званични доказ резерви заснован на Меркле Трее-у
Conversely, slipping below the triangle’s lower trendline again risks bringing the breakdown setup toward $4 back in play, down about 45% from current prices.
Овај чланак не садржи савете или препоруке за инвестирање. Сваки потез улагања и трговине укључује ризик, а читаоци би требало да спроведу сопствено истраживање када доносе одлуку.
Source: https://cointelegraph.com/news/chainlink-eyes-25-rally-ahead-of-link-staking-launch-in-december