Chainlink’s release of Staking v0.2 represents a milestone for the leading decentralized oracle network. Within 30 minutes, over 11 million LINK were staked – evidence of strong community excitement around the platform’s potential.
One major improvement is the pool size increase to 45 million stakable LINK, nearly double the previous limit. This expanded capacity mirrors Chainlink’s impressive growth while unlocking greater rewards potential for token holders. By staking LINK, users now play an even bigger role in securing the valuable oracle services powering Chainlink’s hundreds of real-world integrations.
The LINK price reflects this positive momentum, trading around $15.2 at press time with a 4% daily gain. But after a 30% November rally, some slowing of upside momentum has emerged.
Chainlink’s price chart shows a clear uptrend forming ,as reported by altFINS. However, further upside has recently stalled after LINK was rejected at resistance around the $17 level for the second time since mid-November.
In the latest rally attempt, LINK managed to notch a slightly higher high versus its mid-November peak. But bulls failed to overcome the $17 barrier once again. This double top setup suggests potential topping behavior in the near-term.
Upside potential toward $20 exists so long as LINK holds above the prior swing low around $13.90. That price level serves as a logical stop loss on bullish positions. With Chainlink acting as a leading oracle network amid increasing real-world asset tokenization, its long-term investment case looks promising.
Moreover, technical analysis shows the formation of a bearish RSI divergence – with price making new highs while the RSI indicator fails to follow suit. This discrepancy between the price action and momentum suggests upside may be fading in the short-term. The critical level to watch is $17, which has rejected LINK’s last two rally attempts.
If the $17 resistance holds firm, a pullback toward support at $14.50 looks likely. Such a dip would offer a key test of LINK’s broader uptrend. A breakdown below $14.50 support could signal a short-term trend change, with downside potential toward $13.90. But a bounce off $14.50 would present an attractive area for bulls to re-enter.
While short-term momentum shows signs of waning, the medium and long-term trends remain firmly bullish.
⬡ Chainlink Adoption Update ⬡
— Chainlink (@chainlink) December 17, 2023
There were 14 integrations of 6 #Chainlink services across 9 different chains: @arbitrum, @avax, @BuildOnBase, @BNBChain, @ethereum, @Optimism, @0xPolygon, Polygon zkEVM, and @zksync Era.
New integrations include @APX_Finance, @ArchlyFinance,… pic.twitter.com/qzUhGqmslF
And with staking incentives and usage now elevated thanks to the v0.2 upgrade, Chainlink looks positioned to eventually break out above $17 and see its next leg higher, to $20 mark. But in the near-term, a deeper pullback looks possible as bulls take a breather.
Red-Hot Presale Puts Spotlight on Bitcoin Minetrix
Bitcoin Minetrix presents a new way to earn BTC rewards through a unique “Stake-to-Mine” mechanism. The project is currently midway through a presale event that has attracted an impressive $5.8 million in early investment so far, demonstrating strong interest leading up to launch.
Here’s how it works: By staking the native BTCMTX token, users receive Bitcoin mining credits that translate to cloud mining power. This streamlined system provides simplified access to Bitcoin profits without the hardware or expertise traditionally required.
BTCMTX stakers can also generate yields up to 111% APY through the staking rewards. This dual income stream maximizes earning potential from Bitcoin Minetrix’s platform.
The robust $5.8 million in presale funding shows investors are taking notice of the project’s fresh approach to crypto mining and staking rewards. By removing common barriers like upfront costs and complexity, Bitcoin Minetrix makes earning Bitcoin more inclusive for the mainstream.
With exchange listings, expanded mining capacity, improved UI, and a supporting mobile app now in development, Bitcoin Minetrix has ambitious plans post-presale to supplement its innovative mining model.
Given the strong market demand already demonstrated, Bitcoin Minetrix remains an intriguing opportunity in its early stages. Interested investors still have a chance to gain early exposure by purchasing BTCMTX tokens during the final rounds of an increasingly popular presale.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
