The native cryptocurrency of the Chainlink network, has witnessed several indicators of upcoming bullishness, including a spike in social mentions.
According to reports from Lunar Crush this week, the Chainlink network recorded over 3000 mentions in a single hour over the weekend, amounting to a 586% spike from its 7-day average.
However, a few factors may have caused this spike and several other bullish signals on LINK.
It now seems that a 25% rally may be in place for LINK over the coming days, ahead of the launch of its new staking protocol.
Chainlink announced via a blog post that it's new Staking (v0.1) beta would go live on the Ethereum mainnet on 6 December.
According to this announcement, addresses eligible for Early Access could stake up to 7,000 LINK using the capped v0.1 staking pool. Due to its staking feature, LINK holders may simultaneously protect the network and earn rewards.
The so-called "Chainlink Economics 2.0" initiative aims to expand reward earning means for its holders as a way to reward them for helping secure its oracle network.
Before this new staking feature, Link holders had to start their own nodes. This was essentially a tedious and expensive process that this new staking feature aims to fix.
The new "Chainlink Economics 2.0" staking feature essentially gives them new opportunities to earn LINK incentives, which may even increase the demand and price of the cryptocurrency.
According to David Gokhshtein, the founder of the blockchain and crypto-centered platform, Gokhshtein Media has mentioned that this increase in demand for Chainlink's oracle networks and its token may happen despite the FTX crash.
"$LINK Is definitely being overlooked," Gokhshtein says in his tweet."With the new proof of reserves (from FTX's crash) being pushed out there, Chainlink will be used to push that
A quick look at the Chainlink charts shows that the market is bullish and is showing increasing momentum. The price of LINK has remained bullish over the past few hours.
The daily chart shows that the price of LINK remained above an ascending trendline (blue diagonal line) that had been valid since June 2022. However, after the FTX crash, the price of the cryptocurrency lost its footing above this line and plummeted to the $5.5 support (red line).
However, after hitting this point, the price of LINK began to ascend and hit the trendline again on 26 November during the weekend. After a brief rejection of the $6.5 zone, the price of LINK has begun to rally again and is now eyeing another break above this trendline.
The bears are likely waiting at this trendline and will waste no time to push the price of LINK to a retest of the $6.5 zone. However, if the bulls manage, eventually, to push the price of the cryptocurrency above this trendline again, the next price target would be the $9.47 zone, in a 25% – 30% rally to the upside
According to Michael Van De Poppe, another popular crypto analyst and founder of Eight Global, Chainlink is showing a "Lot of Strength," and a continuation can be expected.
He also mentions that if he hadn't yet opened a long (or buy) trade (which he has), his target would be the $9 zone.
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