Chainlink staking goes live in less than 48 hours, will LINK outshine altcoins?


  • Chainlink network prepares for staking, a feature that will enable the community to contribute to earn rewards. 
  • Chainlink’s shark and whale addresses, holding between 1,000 to 1 million tokens, scooped up 26.8 million LINK in two months.
  • The blockchain oracle network’s token LINK is in an uptrend, the weekly high of $7.80 is the next resistance for Chainlink. 

Chainlink network is witnessing a spike in accumulation by large wallet investors as staking goes live in less than 48 hours, introducing LINK holders to an opportunity to earn rewards. Chainlink price could breakout soon, hitting the $7.80 level. 

Also read: Chainlink price could surprise LINK holders, as it prepares for staking on Ethereum

Chainlink accumulation by whales increases

Chainlink, the native token of a blockchain oracle project, is witnessing an increase in accumulation. Large wallet investors holding between 1,000 to 1 million LINK tokens collectively have accumulated 26.8 million Chainlink tokens within two months. 

Santiment, a crypto intelligence tracker noted a 12.8% increase in LINK tokens held by large wallet investors since October 2022. 

Chainlink accumulation by whales

Chainlink accumulation by whales 

Accumulation by whales is considered a bullish sign for an asset. The sentiment among Chainlink holders has turned bullish. While exchanges and founder addresses of Chainlink hold 72%, the lowest percentage of supply ever, large wallet holders have accumulated LINK at a fast pace. 

Chainlink staking will be live in under 48 hours 

Chainlink network announced that the staking feature for LINK holders goes live in less than 48 hours. Traders need to self-custody their LINK tokens in a crypto wallet to participate in Chainlink staking. 

It is recommended that users check whether they are eligible for early access, by visiting the “Staking App.” If eligible, LINK tokens can be staked as early as December 6. For all other users, general access opens on December 8. 

Chainlink holders can self-custody their LINK through MetaMask, Ledger or Trezor, the latter two are hardware devices. Self-custody is the possession of the private key of digital assets held by oneself. This implies, the user is responsible for safeguarding access to their assets and their private key, the information is not stored anywhere else. 

Chainlink shared the following video explaining the exact steps to self-custody:

LINK price ready for breakout

Chainlink price is up nearly 10% over the past week as the altcoin gains higher popularity among whales and large wallet investors. At press time, LINK price is trading at $7.56, up 3% overnight. Based on the LINK/USDT price chart below, Chainlink has found support at $7.31. Chainlink price has been in an uptrend since November 22, and the next target for LINK is the weekly high of $7.81. 

LINK/USDT price chart

LINK/USDT price chart 

If LINK price plummets below support at the level of the 50-day Exponential Moving Average (EMA) at $7.31, it would invalidate the bullish thesis. 

Pentoshi, a technical analyst on crypto Twitter shares a bullish outlook on LINK. Pentoshi believes Chainlink could witness a 20% surge, and hit the $8.88 level soon. 

LINK/USDT price chart

LINK/USDT price chart 

Chainlink could therefore outperform other altcoins following a bullish breakout in its price. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP