- LINK achieves a new yearly high, hitting $17 and doubling its value since the start of the year.
- The oversubscribed v.0.2 staking pool indicates sustained interest in LINK ahead of its launch.
- Positive funding rates and increased open interest highlight bullish sentiment for LINK.
Chainlink (LINK) has surged impressively, hitting a new yearly high of $17, marking a remarkable milestone for the cryptocurrency that has already doubled its value since the beginning of the year.
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The recent surge in price represents a significant leap for Chainlink, reflecting an upward trend that has propelled it to its highest valuation since April 2022. However, this surge might not mark the end of LINK’s upward trajectory. There are strong indicators signaling potential further gains and a push towards the coveted $20 mark.
One of the most promising signs for Chainlink’s future growth is the overwhelming response to its recently launched v.0.2 community staking pool. This staking pool witnessed an oversubscription, with a staggering 40,875,000 LINK locked in. The fervent interest displayed by investors in anticipation of the general access launch on December 11 suggests a sustained and growing interest in LINK, potentially driving its price even higher in the coming days.
Another positive signal comes from the funding rates on trading platforms, notably the Binance platform’s LINK/USDT perpetual futures. The funding rates have turned positive, reaching an interest rate of 0.0658%.
Furthermore, there’s been a notable surge in open interest on LINK, witnessing a 28% increase during the recent period. More than 65% of traders currently hold long positions, reflecting a prevailing bullish sentiment not just for LINK but also for the broader crypto market, which sets the stage for potential further gains for Chainlink.
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