Chainlink Eyes 25% Rally Ahead of December LINK Staking Launch
LINK price may rebound on growth speculation of Chainlink's oracle services coupled with favorable technical pattern.
Altcoin Watch
Chainlink (LINK) looks poised for a 25% price rally in the days leading up to the launch of its staking protocol, based on several fundamental and technical factors.
Chainlink price rises ahead of staking launchThe staking feature, which will go live as v0.1 in beta mode on December 6, is part of the so-called "Chainlink Economics 2.0" which focuses on increasing the reward opportunities of LINK holders to “help increase the crypto economic security” of Chainlink’s oracle services.
Previously, Chainlink users had to launch their own nodes to receive LINK token rewards. The staking feature effectively opens up new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.
In addition, demand for LINK's parent platform, Chainlink, as an Oracle service provider, is also expected to increase.
David Gokhshtein, founder of blockchain-focused media company Gokhshtein Media, thinks this could happen following the recent collapse of FTX.
The analyst highlighted how traders have been seeking clarity on exchange reserves after the FTX fiasco, which may boost demand for oracle services like Chainlink and, in turn, drive LINK's price higher.
$LINK is definitely overlooked. With all that transpired and with the new "proof of reserves" rolling out, ChainLink will be used to disseminate this data.
— David Gokhshtein (@davidgokhshtein) November 26, 2022Chainlink Labs has launched its
LINK price may rebound on growth speculation of Chainlink's oracle services coupled with favorable technical pattern.
Altcoin Watch
Chainlink (LINK) looks poised for a 25% price rally in the days leading up to the launch of its staking protocol, based on several fundamental and technical factors.
Chainlink price rises ahead of staking launchThe staking feature, which will go live as v0.1 in beta mode on December 6, is part of the so-called "Chainlink Economics 2.0" which focuses on increasing the reward opportunities of LINK holders to “help increase the crypto economic security” of Chainlink’s oracle services.
Previously, Chainlink users had to launch their own nodes to receive LINK token rewards. The staking feature effectively opens up new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.
In addition, demand for LINK's parent platform, Chainlink, as an Oracle service provider, is also expected to increase.
David Gokhshtein, founder of blockchain-focused media company Gokhshtein Media, thinks this could happen following the recent collapse of FTX.
The analyst highlighted how traders have been seeking clarity on exchange reserves after the FTX fiasco, which may boost demand for oracle services like Chainlink and, in turn, drive LINK's price higher.
$LINK is definitely overlooked. With all that transpired and with the new "proof of reserves" rolling out, ChainLink will be used to disseminate this data.
— David Gokhshtein (@davidgokhshtein) November 26, 2022Chainlink Labs has launched its
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