- Chainlink price has bounced back in the past few days.
- Most investors are excited about the upcoming staking features.
Chainlink price rose slightly on Tuesday as investors prepared for staking capabilities in the network. LINK rose to a high of $7.75, which was the highest point since September 30th. It has risen by almost 10% from the lowest level this month.
Chainlink staking
Chainlink is one of the most useful blockchain projects in the world. It is an oracle network that helps developers to connect off-chain data to the on-chain ecosystem. As a result, it plays an important role in industries like decentralized finance (DeFi).
Chainlink has been in the spotlight in the past few weeks. Last week, it made headlines when it hosted SmartCon, one of the biggest events in the industry. One of the top news during the event was the partnership between Chainlink and Swift Network.
The partnership centers on a cross-chain interoperability protocol (CCIP), which will enable SWIFT messages to instruct on-chain token transfers. As a result, the technology will help to accelerate the adoption of distributed ledger technology to various large organizations that use Swift.
Partnering with Swift is a major thing because of its scale. The network handles trillions of dollars on a daily basis. And most recently, the time taken to process these transfers has continued narrowing.
Chainlink price is also rising as investors wait for the staking mechanism. It is a process where stakers commit tokens in smart contracts to back certain performance guarantees around oracle services. The initial part of this staking will take place on Ethereum mainnet in December this year.
Early access to this trial will be for Holders, builders, and educators. Holders need to have held more than 7 LINK on Ethereum for about 50% of the time between May 2019 and June 7. Alternatively, they need to have held LINK for 90% of the time since August last year.
Chainlink price forecast
The four-hour chart shows that the LINK price formed what looks like a double-top pattern at $8.30 in September. In price action analysis, this pattern is usually a bearish sign. The neckline of this pattern was at $6.51.
Chainlink has now moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is approaching the overbought level.
Therefore, the coin will likely continue rising as bulls target the next important resistance level at $8.30. A drop below the support at $7 will invalidate the bullish view.
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