After posting significant gains in recent weeks, LINK may rise further with strong support at key levels.
Chainlink (LINK) is having an unforgettable quarter with over 100% gains since the beginning of October. The altcoin has gradually regained 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 as on-chain data shows that the recent rally 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 in 7,673 wallets between this crucial price level. Having purchased LINK in this range, these investors have a strong incentive to secure their portfolio by preventing the price from falling below $13.16.
Another bright note for LINK holders is that the token has already surpassed a region designated by IntoTheBlock as a potential resistance zone. Investors had purchased approximately 7.49 million LINK (worth approximately $100 million) between $12.72 and $13.16.
Therefore, many investors were willing to break even or take profits if LINK rose 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 | In the block
Chainlink v0.2 betting on the horizon
Beyond the broader crypto market recovery, a key factor driving LINK’s rise is the project’s imminent launch of a staking offering. On November 27, Chainlink revealed key dates for the bet release v0.2allowing LINK holders to earn a return on their assets.
Priority migration for the participation phase will begin today, November 28, 2023. In this phase, existing v.0.1 bets will be migrated to the new portal. Early access will open on December 7, and public access will open four days later on December 12, 2023.
