Just a few hours ago, Chainlink, the popular distributed computing platform, upgraded its staking functionality. The new version, Staking v0.2, is one of the core initiatives of Chainlink’s Economic 2.0 strategy and offers a new layer of security to the network. The protocol’s migration is expected to prevail for 9 days for the existing v0.1 stakeholders. At this time, they are not allowed to move their staked LINK as well as the rewards to version 0.2.
In the meantime, the LINK price has experienced an extreme influx of liquidity in the past few days, which may have enabled it to sustain above the pivotal range. Unfortunately, the volume has drained to the lowest levels in the past few days. Besides, the price continues to remain elevated, within the important range, indicating the bulls remain pretty active, regardless of the current price action.
Even though the volume remains a concern, the price has held well within the symmetrical triangle and is approaching the apex of the consolidation. Besides, the selling pressure has dropped as the MACD is closer to validating a bullish crossover. Therefore, the price may eventually stabilize after a fine rise, regardless of the fact that the strength of the rally is heading south.
While the bulls have held the price well, despite the drowning strength, the possibility of the price breaking down the triangle emerges. This may cause the price to hit the lower support of the triangle, followed by a bullish rebound. Therefore, the Chainlink (LINK) price is believed to reach the immediate resistance zone and hover for a while. However, a bullish upswing may further lift the price beyond $18. Once the price settles above these levels, $20 could be the next pit-stop.