Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

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LINK price has show remarkable strength in October, but what factors are behind the move?

) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK price then stabilized around $10.50, prompting investors to question the sustainability of this new price level.Chainlink partnerships and integrations back the rally

Several recent developments have contributed to LINK's outperformance of its peers. Notably, the announcement of Chainlink's upcoming native staking upgrade set for release in the next couple of months garnered significant attention. The initial staking pool was a resounding success,in less than three hours, and the planned expansion promises greater flexibility through staking withdrawals, improved security guarantees, and dynamic rewards.

A positive funding rate indicates that longs are seeking increased leverage, while the opposite scenario arises when shorts require additional leverage, leading to a negative funding rate.It's worth noting that the current 0.014% 8-hour rate translates to a 0.3% cost over a seven-day period, which is not significant for traders building futures positions. Typically, when there is an imbalance driven by excessive optimism, the rate can easily exceed 1.0% per week.

The subsequent 30 days proved to be extremely negative for LINK's price, with the token plummeting by 51.7% to $18.50. Nevertheless, LINK enthusiasts need not be concerned this time, given the substantial developments in its ecosystem and the promising advancements in Chainlink's native staking solution.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

 

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