Chainlink eyes 25% rally ahead of LINK staking launch in December
Chainlink (LINK) looks poised for 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical facto.
The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called "Chainlink Economics 2.0" that focuses on boosting LINK holders' reward-earning opportunities for "helping increase the crypto economic security" of Chainlink's oracle services.
Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.
Additionally, demand for LINK's parent platform Chainlink, as an oracle service provider, should also increase.
David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent FTX collapse.
The analyst highlighted how traders have been seeking more clarity on exchanges' reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK's price higher.
$LINK is definitely being overlooked. With everything that’s happened and with the new “Proof of Reserves” being pushed out there, ChainLink will be used to push that data out there.
Chainlink Labs launched its PoR auditing services to exchanges on Nov. 10.
The speculations have helped LINK price rally in recent days. Notably, Chainlink price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.
The LINK/USD pair now eyes further upside in the near term, price technicals suggest.
LINK reclaimed its multi-week rising support
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