Chainlink (LINK), the crypto market's 13th largest cryptocurrency by market cap, and the native cryptocurrency of the world's largest oracle network, has shocked investors.
In just one week, this "seemingly invisible" cryptocurrency that only pops up in the news once in while, has surged by as much as 40%.
Let's see any stock or traditional asset pull that off.
But why is Chainlink up by such a large margin in so short a time? It turns out that there is a lot going on underneath.
More details below.
Everyone wondered why Chainlink suddenly went parabolic over the last week.
Sure, Bitcoin was becoming bullish and all, and the market was following in its footsteps.
While Bitcoin itself is only up by about 9% over the last week, LINK flipped the entire table and is up by 40% over the last week.
It turns out that this growth is 100% organic, and is fueled by actual innovation.
ChainlinkGod, a community ambassador in the chainlink ecosystem, had an answer.
According to a series of tweets posted recently, ChainlinkGod mentioned that the chainlink development team was working on some massive improvements to the chainlink ecosystem, that are bound to be massive, as the next bull run approaches.
ChainlinkGod talked about the incoming launch of Chainlink Staking v0.2.
If you didn't know what Chainlink Staking v0.2 is, it is basically a chainlink improvement proposal that introduces several impressive features to how the network operates.
ChainlinkGod mentioned that this new upgrade is expected to introduce an Unbonding mechanism:
With this mechanism, LINK stakers can withdraw their funds at any time without being locked in.
Asides the unbonding mechanism, Chainlink Staking v0.2 also introduces liquid rewards, enabling stakers to claim their rewards for staking without penalties.
When this is implemented, users of the chainlink staking platform will have a more flexible and user-friendly environment to interact with the network and make some profit.
Other features include modular architecture and dynamic rewards, allowing the network to adapt to market demands, and allowing users to enjoy more reward sources from staking in the future
LINK rallied by as much as 40% over the last day, before hitting the $11 resistance sometime on Sunday this week.
In the charts, LINK appears to have started its ascent from $5.8 around 12 September.
6 weeks after that, the cryptocurrency had risen by as much as 90% to $11.
However, the bears weren't having it.
The bears appear especially strong on LINK, somewhere around the $11 zone. Judging by the long upper tail on Monday's candlestick, it is safe to assume that the bears are especially active around this zone.
Even on Binance as illustrated above, we can see that a large percentage of the bears are betting on the price not going past $11, while others are betting on the price not going past $10.5.
In all, all eyes remain on LINK price, as the crypto community watches to see what happens next.
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