Key Takeaways:
- Chainlink whales are on the move.
- The Network's Staking launch will commence on Dec 6, fuelling the FOMO.
- Will LINK value break above key resistance?
YEREVAN (CoinChapter.com) – Chainlink (LINK) whales are on the move, according to the crypto analytical platform Santiment.
As of Dec 4, the addresses holding between 1,000 and 1 million coins added a collective of 26.8 million LINK to their treasuries in two months, an equivalent of nearly $200 million.
LINK whales accumulate
Another platform, LookonChain, seconded the accumulation rate data. Additionally, a “giant whale (institution)” purchased 14.3 million $LINK (approximately $108 million) from Binance since Nov 20. The platform also singled out two whale purchases on Nov 30, worth $2.5 million.
Notably, the accumulation rose ahead of a significant Network upgrade, as Chainlink will introduce staking to its holders effective Dec 6.
Staking on Chainlink
The platform announced the new reward-earning feature was announced on Nov 21 as a part of the “Chainlink Economics 2.0” narrative.
We’re excited to announce that the beta of Chainlink Staking (v0.1) is planned to go live on Ethereum mainnet on December 6, 2022, at 12PM ET. Addresses that qualify for Early Access will have the opportunity to stake up to 7,000 LINK in the capped v0.1 staking pool.
read the announcement.
Chainlink also posted a lengthy thread on Twitter to inform its followers of the v0.1 Staking launch details.
According to the announcement, Chainlink will allocate over 22 million LINK to the Community Stakers on a “first-come-first-serve entry” after the v0.1 launch. Additionally, Node Operator Stakers will receive 2.75 million. Chainlink also stated that as the pool expands with time, the noted proportion will skew to “further enhance the pool security.
Meanwhile, the whale accumulation and Staking launch might push LINK value 25% higher in the upcoming sessions.
LINK eyes a 25% uptrend
The LINK/USD exchange rate stood below $7.5 on Dec 5, after charting in a sideways consolidation channel since mid-May. The said channel features a flat resistance and support that prevent sharp moves in either direction. Notably, the formation does not forecast a future bias after LINK exhausts the channel. However, it can provide a short-term prognosis.
The digital asset has grown 34% in value since bottoming at the channel’s lower trendline on Nov 22, fuelled by the Staking launch FOMO. Thus, a resistance retest can be in the books, bringing LINK to $9.2, a 25% uptick from the current LINK value.
Also read: EU asks the USA to stop bullying it against China.
Admittedly, the declining trading volumes on the daily chart could dampen LINK’s chances for a breakout. However, the positive on-chain developments could create further buying pressure for the Chainlink token, solidifying bullish expectations.
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