One of the leading players in the cryptocurrency market Chainlink (LINK) is having a remarkable quarter, gaining over 100% since October. This increase raised LINK to the 12th place among the largest cryptocurrencies by market value. However, this uptrend may not be at its peak yet, as LINK shows further growth potential backed by solid on-chain data.
Key Support Levels Supporting LINK’s Strength
According to information from data provider IntoTheBlock, LINK has formed strong support levels between $13.16 and $13.55. This range is critical as 7,673 wallets hold approximately 12.35 million LINK tokens worth approximately $177 million. Investors who purchased LINK at these levels are likely to be motivated to keep the price of the asset above $13.16 to secure their investment.
In addition, LINK successfully surpassed the potential resistance zone set between $12.72 and $13.16. This breakthrough is significant as investors holding 7.49 million LINK tokens worth approximately $100 million have reached breakeven, or started taking profits, with LINK trading above these levels, currently trading at $14.39.
Chainlink v0.2 Staking: A Catalyst for Growth
Crypto Beyond the overall recovery in the market, Chainlink’s upcoming staking offer is a key factor driving LINK’s rise. Chainlink recently announced key dates for the launch of v0.2 staking, a feature that allows LINK holders to earn returns on their assets. This development is set to add a new dimension to LINK’s value proposition and increase its appeal to both existing and potential investors.
The priority migration for v0.2 staking will begin on November 28, 2023, migrating existing v0.1 stakes to the new platform. This will be followed by early access on December 7 and general access on December 12, 2023. These dates, altcoin It marks important milestones for the community and potentially catalyzes further interest and investment in LINK.
Result: A Bright Look for LINK
With strong support levels and the highly anticipated staking initiative, Chainlink (LINK) is poised for continued growth. This dual advantage of solid market support and innovative staking solutions positions LINK positively for continued upward momentum. Additionally, it makes it a cryptocurrency to watch closely in the coming months.