Chainlink, the leading decentralized oracle network, recently launched a major upgrade to its staking protocol dubbed Staking v0.2. This launch has created a frenzy of activity on the network, with over 11 million LINK already staked just 30 minutes after going live.
The excitement surrounding Staking v0.2 signals strong confidence in Chainlink’s future growth potential.
What you'll learn 👉
What’s New in Staking v0.2?
The most notable change in v0.2 is the increased pool size, now able to accommodate up to 45 million staked LINK compared to the previous limit of 25 million. This expansion illustrates the rapid development of Chainlink as well as unlocks greater opportunities for LINK holders to contribute to the network’s security while earning staking rewards.
As the gateway for real-world data into blockchain applications, Chainlink plays an integral role in the larger crypto ecosystem. The smooth launch of Staking v0.2 demonstrates Chainlink’s continued commitment to rolling out innovative features with robust community support.
LINK Price and Technical Analysis
LINK price currently trades around $15.3, having faced rejection at $17 resistance level in November as well following a rally from $11 support. With price still in a clear uptrend, a pullback to $14.50 could provide a good swing trade entry to play the next move towards $20 resistance.
With the move extended, LINK now pulls back to the $14.50 area which coincides with the swing low from November. This former resistance level should offer strong support and a potential entry for traders looking to play the next leg higher.
Upside potential appears around the psychological $20 level on a move above the recent highs. A stop loss on longs could be placed at $13.90 based on the prior swing low to invalidate the uptrend. With LINK remaining an altFINS top pick, the oracle leader looks poised to continue benefiting from the secular tailwinds driving increased demand for its off-chain data solutions.
Source: altFINS – Start using it today
altFINS also highlights a potential bearish RSI divergence, wherein the recent bounce in price did not see a corresponding higher high in relative strength. This indicates fading upside momentum in the short-term. However, Chainlink remains in an uptrend biased towards $20 on the medium and longer-term timeframes. Key support sits at $14.50 and $11.80, while resistance stands at $17 and the psychological $20 level.
With altFINS also selecting LINK as a recent top pick based on its leading position as an oracle provider, Chainlink looks poised to continue benefiting from the growing tokenization of real-world assets on blockchains. The successful launch of Staking v0.2 only strengthens the network effects propelling this altcoin higher.
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