After posting significant gains in the past few weeks, LINK may rise further with strong support at key levels.
Chainlink (LINK) is having a quarter to remember with over 100% in gains since the start of October. The altcoin has gradually reclaimed its position among the largest cryptocurrencies by market capitalization, ranking as high as 12th at the time of writing.
However, there may be more to come for LINK holders, with on-chain data showing that the recent rise has paved the way for strong support levels to emerge. According to data provider IntoTheBlock, one of those strongest support levels is the range between $13.16 and $13.55.
The data shows that 12.35 million LINK tokens (worth approximately $177 million) are held by 7,673 wallets between this crucial price level. Having acquired LINK at this range, such investors have a huge incentive to secure their portfolio by preventing the price from slipping below $13.16.
Another bright note for LINK holders is that the token has already surged above a region designated by IntoTheBlock as a potential resistance zone. Investors had acquired an estimated 7.49 million LINK (worth approximately $100 million) between the $12.72 to $13.16 range.
Hence, many investors were set to break even or take a profit from LINK surging above that price level. Notably, such profit-taking has also already occurred, with LINK trading at $14.39 at the time of writing.
LINK Holders | IntoTheBlock
Chainlink v0.2 Staking on the Horizon
Beyond the broader crypto market recovery, a key factor driving the rise of LINK is the project’s impending launch of a staking offering. On November 27, Chainlink revealed key dates for the launch of v0.2 staking, allowing LINK holders to earn a yield on their assets.
Priority migration for the staking phase is set to begin today, November 28, 2023. This phase will see existing v.0.1 stakes migrated to the new portal. Early access is set to open on December 7, with public access to open four days later on December 12, 2023.
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