Wu Blockchain revealed in an X post today that Chainlink (LINK) will open its staking v0.2 soon. According to the post, the pool size is expected to reach 45 million LINK, which is worth approximately $650 million.
Chainlink will open LINK staking v0.2, and the staking v0.2 pool size will reach 45 million LINK (worth approximately $650 million), of which 40.875 million LINK will be allocated to the community and the rest will be allocated to Chainlink node operators. Community members can…
— Wu Blockchain (@WuBlockchain) November 10, 2023
40.875 million LINK will be allocated to Chainlink community members, while the rest will be allocated to node operators. The post also shared that community members will be able to stake 1-15,000 LINK tokens, while node operators will be able to stake between 1,000-75,000 tokens.
LINK holders did not seem to have reacted positively to the upcoming staking upgrade, as the altcoin’s price slipped 0.98% over the past 24 hours. According to the cryptocurrency market tracking website CoinMarketCap, LINK’s recent drop in price meant that it was changing hands at $14.42.
LINK was able to reach a daily high of $15.87 but has since retraced to trade at its current level. Consequently, the cryptocurrency’s price was closer to its 24-hour low of $14.07 than its peak for the same period. LINK also recorded a 43.73% increase in volume. Given the drop in the altcoin’s price, it is fair to say that this volume was mostly due to people selling their tokens.
LINK’s slight drop throughout the past day of trading is negligible when looking at the cryptocurrency’s remarkable performance over the longer-term time frames. CoinMarketCap data indicated that LINK was up more than 32% over the past week alone. Meanwhile, the altcoin’s price had risen more than 99% over just the past 30 days.
Daily chart for LINK/USDT (Source: TradingView)
Looking at the daily chart for LINK/USDT, LINK was rejected by the $14.825 resistance level over the past 48 hours. Traders then started taking profits, which forced the cryptocurrency’s price to fall. Bulls, however, stepped in to prevent LINK from dropping below the $13.325 support level and closed yesterday’s daily candle at $14.603.
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