Is LINK reacting favorably to Chainlink's latest upgrade?

Title: Chainlink Launches v0.2 Upgrade on Network

Chainlink Announces Mainnet Launch of v0.2 Upgrade

Chainlink, a leading oracle network, has officially launched the v0.2 upgrade of its native staking mechanism. This new upgrade comes eleven months after the protocol first introduced staking on its network in December 2022. According to the press release dated 28th November, Chainlink has expanded the staking pool size to 45 million LINK, representing an 8% share of the altcoin’s current circulating supply.

Migration Period for Existing Stakers

Existing v0.1 stakers have a nine-day priority migration period to transfer their staked LINK and accrued rewards to the new upgrade. This migration period began on 28th November. After the priority period, there will be a four-day early access period for LINK holders who meet specific requirements to stake up to 15,000 LINK tokens before opening staking access to the general public.

How LINK Reacted to the Upgrade

Despite the upgrade announcement, LINK’s price has been locked in a narrow range, managing only a 4% hike in the last 24 hours, with an exchange rate of $14.58 at press time according to CoinMarketCap. However, LINK accumulation has experienced a decline due to the current consolidation.

The token’s key momentum indicators indicate that spot market participants have held back from buying LINK, resulting in a decrease in open interest in the futures market since 12th November. At press time, LINK’s open interest has fallen by 35%.

LINK’s Market Cap in BTC Terms

The fall in LINK’s Chaikin Money Flow indicates a consistent liquidity exit in the spot market over the past two weeks.

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Chainlink’s launch of the v0.2 upgrade marks an important milestone for the network, but its on-chain activities have yet to reflect a significant impact on LINK’s price and trading activity. It remains to be seen how the market will react to the upgrade in the coming days.

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By Team