Fundamental analysis is crucial in the cryptocurrency markets, especially as Bitcoin and others continue to rise rapidly. We are currently experiencing days where good news has a significant impact on prices. If the BTC price can maintain support at $38,000 in the coming hours or days, the LINK Coin price may experience even greater rallies.
Chainlink (LINK) News
The popular altcoin, which has monopolized the blockchain-based oracle solutions sector and maintained its leadership position for a long time, has rapidly multiplied its price. We have also seen that Swift and other partnership news have supported the price. Now, one of the biggest criticisms of Chainlink, the uselessness of LINK Coin, is being resolved.
We have seen that the price increased when the first staking pool was launched, strengthening optimism about the token’s future in the long term. As previously announced, the staking pool for LINK Coin will be expanded between November 28 and December 11. This means that the available supply ready for sale on exchanges will decrease even further.
Moreover, token holders also support the benefits of this staking pool as it allows them to contribute more to the system. In the announcement made by the team, it was stated that the V0.2 pool will be launched on November 28. Those who have priority access will be able to join the pool on December 7, and other LINK Coin investors can join as stakers on November 11 if there is still room.
Currently, there is a staking pool of 22.5 million LINK Coins. This number will be increased to 45 million, which means that approximately $315 million worth of tokens will be withdrawn from exchanges and locked in the pool. Furthermore, the pool will expand even further. With an $8 billion market cap, $315 million worth of additional staking power implies strong demand and a scarcity of tokens ready for sale.
LINK Coin Price Target
Readings on the daily chart indicate a bullish signal due to Elliot and RSI. According to the most likely count, the LINK Coin price started a five-wave upward movement in June. Therefore, LINK is currently in the fourth wave, and a correction that triggers a drop to $12.5 is possible.
However, a rebound from this level will target the new annual high range of $19.5-20. In case of a loss of support, it could pull back to $10. The upcoming test of the bottom and the subsequent bullish scenario also appear to be consistent with the approaching calendar.