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- Wu Blockchain revealed some of the functions that will be included in LINK’s staking v0.2 upgrade.
- Meanwhile, cryptocurrency analyst Ali warned that LINK’s price may undergo a strong correction soon.
- At press time, LINK was up 12.56% and was trading at $10.71 as a result.
In an X post this morning, Wu Blockchain revealed the new functions that will be introduced within the Chainlink (LINK) ecosystem in the Staking v0.2 upgrade launch later this year. According to the post, an unbonding mechanism, liquid rewards, stake slashing, modular architecture, dynamic rewards and priority migration will all be included in the upgrade.
Chainlink Staking v0.2 is launching the new staking platform later this year. According to @ChainLinkGod. Unbonding Mechanism, Liquid Rewards, Stake Slashing, Modular Architecture, Dynamic Rewards, Priority Migration and some new functions will be launched in v.02.…— Wu Blockchain (@WuBlockchain) October 23, 2023
Meanwhile, the cryptocurrency trader and analyst Ali warned that LINK’s price may suffer a steep correction soon. Yesterday, the analyst revealed that historical data from Santiment shows that LINK has undergone a strong pull back every time the MVRV 30-day indicator surpassed 20%.
Data from @santimentfeed shows that the last three times #Chainlink MVRV 30D surpassed 20%, $LINK underwent a steep correction! Notice that #LINK MVRV 30D recently surpassed 20%, suggesting an imminent correction. pic.twitter.com/CJ4ROy9EyK— Ali (@ali_charts) October 22, 2023
Furthermore, Ali noted that LINK’s MVRV 30-day indicator recently surpassed the 20% mark. Subsequently, the analyst predicted that the altcoin’s price may drop soon if history repeats itself.
The bearish prediction does not seem to have played out over the last 24 hours. Data from the cryptocurrency market tracking website, CoinMarketCap, indicated that LINK’s price rose 12.56% throughout the past day. Subsequently, LINK was changing hands at $10.71 at press time.
This latest increase in price was a continuation of LINK’s positive performances over the longer time frames as well. As a result, the altcoin’s price was up more than 26% over the past 7 days and 36.60% over the past month. In addition to this, the latest gain earned LINK the number 5 spot on CoinMarketCap’s trending list.
Daily chart for LINK/USDT (Source: TradingView)
From a technical standpoint, LINK was attempting to overcome the major resistance level at $10.635 at press time. If it is able to close today’s daily candle above this mark, then it may continue to rise to the subsequent threshold at $11.785 in the next few days.
On the other hand, a rejection from the $10.635 mark could lead to LINK dropping to $9.175 in the short term. Thereafter, continued sell pressure could lead to the altcoin’s price falling to as low as $8.600 in the coming 2 weeks.
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