A stake pool v0.2 announcement was made on August 25, which we had reported as breaking news months ago and mentioned that it could have a positive impact on the price. This update allowed more users to lock their tokens for staking rewards and introduced five significant changes to the mechanism.
Chainlink (LINK) News
You can find the first announcement made on August 25 in our Chainlink stake news. The team announced that 70 projects are now part of the building program. Chainlink has been the leader in providing blockchain oracle services in the crypto space for a long time. In fact, we can even say that it has monopolized the DeFi protocols in terms of the services it offers.
Chainlink Staking v0.2 will be released on November 28, and more LINK Coins will be directed to the stake pool from exchanges. Moreover, the aim is to increase investor interest with dynamic rewards. This not only reduces the circulating supply but also enhances the utility of LINK Coin, which has been considered useless for years (by incorporating it into the working mechanism). This can lead to an increase in token demand.
LINK Coin Price Analysis
Crypto analyst CryptoBusy highlighted the recent breakout in the long-term range. According to him, LINK Coin has been consolidating for a long time, and we may see a strong recovery. Crypto Cobrex believes that LINK will outperform all other cryptocurrencies in the long run due to its fundamentals and utility. He also said:
“In terms of data, Chainlink provides services in many areas such as Data Feeds, Data Streams, and Reserve Proof. They have reached a significant milestone with the introduction of Chainlink CCIP.”
Elliot wave theory is widely used to determine trend direction and targets. The wave count on the daily chart indicates that the LINK price is in the fourth stage of a five-wave upward movement.
If the count is correct, the price will complete the correction at $12.5. After this potential bottom, the price is expected to rise to $19.5. However, if there is no rebound from the support, the decline can deepen to $10. The bullish scenario targeting $19.5 will likely be invalidated if $8.45 is also lost. The price performance of Bitcoin will be crucial in this process.
