Chainlink Targets Double Digits After Staking Roadmap Update

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Chainlink Targets Double Digits After Staking Roadmap Update
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key takeaways

Chainlink revealed detailed plans for implanting staking rewards. Following the announcement, LINK surged nearly 20% to $9. Further buying pressure could take LINK to an upside target of $10.60.

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Chainlink has released a long-term roadmap detailing how the network plans to implement LINK token staking.

Chainlink releases staking news

Chainlink appears to be gaining bullish momentum after the blockchain protocol clarified its plans to provide passive income opportunities for token holders.

The decentralized oracle network has revealed that it has made significant progress in implementing a staking mechanism. The goal is to enable LINK holders to “increase the security guarantees and user guarantees of oracle services” by allowing LINK holders to deposit their tokens as collateral, similar to other delegated proof-of-stake mechanisms.

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The company also outlined a series of steps that will determine the success of the program. Some of the long-term goals detailed in the blog post include improving the cryptoeconomic security and user assurances of the Chainlink oracle service, enabling community members to directly participate in the network, ensuring that the reward distribution scheme is sustainable in the future, and establishing a framework for how nodes are selected. Strong reputation framework.

Investors have pushed the price of LINK up nearly 20% since the announcement, so the prospects for passive staking yields seem promising. It traded from a low of $7.5 to a high of $9, making it one of the best performing crypto assets over the past 24 hours. The sudden spike in buying pressure helped the coin break above a key resistance area, which could lead to further gains.

From a technical standpoint, Chainlink has broken out of an ascending triangle that has been developing on its 12-hour chart since mid-May. The height of the pattern’s y-axis predicts a bullish target of 33.3%. If validated, LINK could break above the psychological resistance of $10 at $10.6.

LINK/USD 12-hour chart. Source: TradingView

It is worth mentioning that the 100 hourly moving average at $9.2 could act as resistance on the way up. Failure to cross this hurdle could lead to a brief correction on the triangle X axis at $8 before LINK realizes its upside potential.

Disclosure: At the time of writing, the author of this article owns BTC and ETH.

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