Staking is coming to Chainlink this December as LINK price stands firm


  • Chainlink’s co-founder, Sergey Nazarov, confirms plans for LINK staking.
  • LINK bulls get ready to defend support at $7.00.
  • Investor sentiment remains positive, with Chainlink whales capitalizing on lower price levels.

Chainlink price is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Despite LINK’s ongoing retracement at $7.68, bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

Chainlink co-founder shares staking plans

Sergey Nazarov, the co-founder of Chainlink, revealed that the network is closer to launching support for staking, while speaking at the SmartCon 2022 conference. Users will, from December, start earning rewards for locking up tokens in the network. Besides being an avenue for investors and crypto enthusiasts to earn passively, staking helps secure the blockchain protocol and gives the users a sense of ownership.

Chainlink is also planning a couple more programs tailor-made to improve the economic viability of all the services offered by the platform. For example, SCALE, which will involve four other crypto projects (Metis, Moonbeam, Avalanche and Moonriver), is designed to reduce the costs of inputting oracle data and reports on-chain through the splitting of costs among a larger number of participants.

According to Nazarov, Chainlink is hoping to be the go-to platform for all services related to Web3. Through another program called BUILD, early-stage projects will tap seamless access to services and cutting-edge support.

“We are seeking to provide all the services that everyone needs to build Web3, and based on our market share we already do that very successfully,” reckoned Nazarov.

Assessing Chainlink price’s technical outlook

Chainlink price sits on top of a rising channel’s lower boundary support. The 50-day SMA (Simple Moving Average – red) caps movement to the upside, while the 100-day SMA (blue) could be contingency support if LINK price breaks below the channel.

The Stochastic oscillator’s position below 30.00 shows that Chainlink price is oversold. If investors continue to take advantage of the lower market price, LINK could gain momentum and rise to the previous high at $8.40.

LINK/USD four-hour chart

LINK/USD four-hour chart

Investors holding 10,000 and 100,000 tokens are, according to on-chain data from Santiment, on a buying spree. Over the last six months, these cohort’s addresses increased to 2,998 from 2,511 in April. Investors with between 1 million and 10 million tokens have grown to 78 from 11 in the same period, inferring that sentiment toward the oracle token remained positive despite the price correction.

Chainlink Supply Distribution

Chainlink Supply Distribution

Buyers are expected to prevent Chainlink price from sliding below $7.00. If anything, support at the channel’s lower boundary and the 100-day SMA could come in early and handy for an immediate northbound move. However, the uptrend will only be sustainable if LINK collects enough liquidity as investors fill their bags.

 

 


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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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