Chainlink staking goes live in less than 48 hours, will LINK outshine altcoins?
- Chainlink network prepares for staking, a feature that will enable the community to contribute to earn rewards.
- Chainlink’s shark and whale addresses, holding between 1,000 to 1 million tokens, scooped up 26.8 million LINK in two months.
- The blockchain oracle network’s token LINK is in an uptrend, the weekly high of $7.80 is the next resistance for Chainlink.
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Chainlink network is witnessing a spike in accumulation by large wallet investors as staking goes live in less than 48 hours, introducing LINK holders to an opportunity to earn rewards. Chainlink price could breakout soon, hitting the $7.80 level.
Also read: Chainlink price could surprise LINK holders, as it prepares for staking on Ethereum
Chainlink accumulation by whales increases
Chainlink, the native token of a blockchain oracle project, is witnessing an increase in accumulation. Large wallet investors holding between 1,000 to 1 million LINK tokens collectively have accumulated 26.8 million Chainlink tokens within two months.
Santiment, a crypto intelligence tracker noted a 12.8% increase in LINK tokens held by large wallet investors since October 2022.
Chainlink accumulation by whales
Accumulation by whales is considered a bullish sign for an asset. The sentiment among Chainlink holders has turned bullish. While exchanges and founder addresses of Chainlink hold 72%, the lowest percentage of supply ever, large wallet holders have accumulated LINK at a fast pace.
Chainlink staking will be live in under 48 hours
Chainlink network announced that the staking feature for LINK holders goes live in less than 48 hours. Traders need to self-custody their LINK tokens in a crypto wallet to participate in Chainlink staking.
It is recommended that users check whether they are eligible for early access, by visiting the “Staking App.” If eligible, LINK tokens can be staked as early as December 6. For all other users, general access opens on December 8.
Chainlink holders can self-custody their LINK through MetaMask, Ledger or Trezor, the latter two are hardware devices. Self-custody is the possession of the private key of digital assets held by oneself. This implies, the user is responsible for safeguarding access to their assets and their private key, the information is not stored anywhere else.
Chainlink shared the following video explaining the exact steps to self-custody:
LINK price ready for breakout
Chainlink price is up nearly 10% over the past week as the altcoin gains higher popularity among whales and large wallet investors. At press time, LINK price is trading at $7.56, up 3% overnight. Based on the LINK/USDT price chart below, Chainlink has found support at $7.31. Chainlink price has been in an uptrend since November 22, and the next target for LINK is the weekly high of $7.81.
LINK/USDT price chart
If LINK price plummets below support at the level of the 50-day Exponential Moving Average (EMA) at $7.31, it would invalidate the bullish thesis.
Pentoshi, a technical analyst on crypto Twitter shares a bullish outlook on LINK. Pentoshi believes Chainlink could witness a 20% surge, and hit the $8.88 level soon.
LINK/USDT price chart
Chainlink could therefore outperform other altcoins following a bullish breakout in its price.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
