Tech

Chainlink’s Staking v0.1 launch could have this impact on the future of LINK

12/07/2022
Bitcoin Ethereum News
  • Chainlink became quite popular among the whales 
  • Chainlink’s much awaited staking v0.1 Early Access went live on Ethereum mainnet

Chainlink [LINK] recently gained quite some attention from the whales, which led LINK to make headlines. As per Whalestats, a crypto whale tracking Twitter handle, it was revealed that LINK was among the top 10 cryptos in terms of trading volume among the top 1,000 biggest BSC whales. This update reflected the whales’ trust in LINK.

Read Chainlink’s [LINK] Price Prediction 2023-2024

Interestingly, this development took place shortly after Chainlink’s much-awaited staking v0.1 Early Access went live on the Ethereum mainnet. In the first v0.1 pool, 2.5 million LINK tokens will be assigned and reserved for node operator holders.

Furthermore, 22.5 million LINK tokens will be allocated to community holders on a first-come, first-served basis.

Not only this, but LINK’s popularity proved itself yet again as it was on the list of the cryptocurrencies that were trending on CoinGecko on 6 December.

However, despite increased whale activity and the launch of staking, LINK’s price was not affected positively. As per CoinMarketCap’s data, LINK registered negative 2.81% and 6% daily and weekly gains.

A look at LINK’s on-chain metrics shed some light on what was going on and whether a change is imminent.

Time to celebrate with the metrics

CryptoQuant’s data revealed that a few of the metrics were working in LINK’s favor. For instance, LINK’s exchange reserve was declining, which indicated less selling pressure.

Moreover, the active addresses and transfer volume also went up. Chainlink’s exchange outflow also registered spikes over the last week. This was by and large is a bullish signal, suggesting a possible uptrend in the coming days.

However, the Market Value to Realized Value (MVRV) Ratio supported the bears as it went down over the last week. This could be an indication of increased chances of a continued price plummet.

Source: Santiment

Will the bulls be victorious?

Surprisingly, LINK’s daily chart revealed that the bulls and the bears were struggling to beat each other. This was because the Exponential Moving Average (EMA) Ribbon revealed that the 20-day EMA and the 55-day EMA were in an attempt to flip each other.

The Chaikin Money Flow (CMF) was resting well above the neutral position, which was bullish. However, the Relative Strength Index (RSI) registered a slight downtick, suggesting that the bears might as well win the battle.

Source: TradingView

Source: https://ambcrypto.com/chainlinks-staking-v0-1-launch-could-have-this-impact-on-the-future-of-link/