Link share

Staking comes to Chainlink in December as LINK price remains firm

  • Chainlink co-founder Sergey Nazarov confirms LINK staking plans.
  • The LINK bulls are preparing to defend the support at $7.00.
  • Investor sentiment remains positive, with Chainlink whales taking advantage of lower prices.

Chainlink price is trying to find its footing following declines following its rejection of resistance at $8.40. Despite LINK’s continued retracement to $7.68, the bulls managed to maintain a generally bullish market and Chainlink is up nearly 17.50% from its September low of $6.56.

Chainlink Co-Founder Shares His Staking Plans

Sergey Nazarov, the co-founder of Chainlink, revealed that the network is about to launch support for staking, during a keynote at the SmartCon 2022 conference. Users will, from December, start earning rewards for locking tokens on the network. Besides being a way for investors and crypto enthusiasts to earn passively, staking helps secure the blockchain protocol and gives users a sense of ownership.

Chainlink is also planning a few other tailor-made programs to improve the economic viability of all the services offered by the platform. For example, SCALE, which will involve four other crypto projects (Metis, Moonbeam, Avalanche, and Moonriver), is designed to reduce the cost of oracle data entry and on-chain reporting through the distribution of costs among a greater number of attendees.

According to Nazarov, Chainlink hopes to be the go-to platform for all Web3-related services. Through another program called BUILD, early-stage projects will benefit from seamless access to services and industry-leading support.

“We seek to provide all the services that everyone needs to build Web3, and based on our market share, we are already doing that very successfully,” Nazarov said.

Assessing the Technical Outlook of Chainlink Price

Chainlink price is trading above the lower boundary support of a rising channel. The 50-day SMA (simple moving average – red) limits upward movement, while the 100-day SMA (blue) could be an emergency support if the LINK price breaks below the channel.

The stochastic oscillator position below 30.00 shows that the Chainlink price is oversold. If investors continue to take advantage of lower market prices, LINK could gain momentum and hit the previous high at $8.40.

LINK/USD four-hour chart

Investors holding 10,000 and 100,000 tokens are, according to on-chain data from Santiment, on a buying spree. Over the past six months, addresses for this cohort have grown to 2,998 from 2,511 in April. Investors with between 1 million and 10 million tokens jumped from 11 to 78 over the same period, implying that sentiment towards the oracle token has remained positive despite the price correction.

Supply distribution chain

Supply distribution chain

Buyers should prevent Chainlink price from sliding below $7.00. If anything, the support at the lower boundary of the channel and the 100-day SMA could be early and helpful for an immediate move north. However, the uptrend will only be sustainable if LINK collects enough liquidity as investors fill their bags.