Chainlink Gains Momentum As Binance Funding Rate Tilts Favorably With Over 50% Spike In Trading Volume 

Chainlink, the decentralized oracle network, is experiencing a positive shift in its Binance funding rate, predominantly favoring long positions.

This development, reaching the highest level in four weeks, coincides with Chainlink’s surge in value, surpassing the $16 threshold and advancing toward $20 with minimal resistance, according to insights from market intelligence platform Santiment.

In a recent announcement on social media platform X, the Chainlink team shared significant news regarding the Staking v0.2 community pool. With the pool officially reaching maximum capacity, over 19 million additional LINK tokens were staked in a remarkable timespan of under 7 hours since the Early Access phase opened.

🔗📊 #Chainlink‘s #Binance funding rate ratio has skewed toward mainly longs, the highest level in 4 weeks. As $LINK has regained the $16 threshold, watch if a bit of #FOMO forms a local top, or if prices continue surging toward $20 with little resistance. https://t.co/kgn5ZGs9GB pic.twitter.com/PajHbcsvrB

— Santiment (@santimentfeed) December 8, 2023

Expressing gratitude to both v0.1 migrators and new stakers, the Chainlink team acknowledged their pivotal role in the v0.2 launch. A total of 40,875,000 LINK tokens have been actively staked, contributing to the security of the Chainlink Network and the verifiable web.

Looking ahead, the team unveiled plans for the General Access launch scheduled for December 11. Following this milestone, any interested participant will have the opportunity to engage in Staking v0.2 whenever an existing staker completes a withdrawal, opening up pool space for new contributors.

The #Chainlink Staking v0.2 community pool has officially filled, with over 19M additional LINK staked in under 7 hours since Early Access opened ⬡

We want to thank the community—both v0.1 migrators and new stakers—for participating in the v0.2 launch and putting 40,875,000… pic.twitter.com/SpbFR7b7lX

— Chainlink (@chainlink) December 7, 2023

Chainlink Price Action To Watch

This positive momentum is reflected in Chainlink’s recent performance, with an over 8% increase over the past week. Additionally, the 24-hour trading volume has surged by more than 50%, highlighting heightened market activity and interest in Chainlink’s ecosystem.

As Chainlink continues to strengthen its position and witness increased community engagement, these developments underscore the growing significance of decentralized oracle networks within the broader blockchain landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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