The Chainlink price rose over the past week on news that it has released its staking roadmap.

A report released by the coin developers on June 7 contained the roadmap plan for the staking of Chainlink. It is expected that the coin will be able to get staked for a 5% interest reward, which can be great for topping up investors’ accounts with extra passive income.

Crypto staking works by giving up access to your crypto for extended periods of time, where platforms put it to work to validate blockchain transactions. As a consequence, they pay interest of varying amounts depending on the coin and how long it is staked for.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Chainlink is a blockchain framework for the smart contract economy which supports almost 1000 oracle networks to secure billions of dollars across tones of DeFi projects. Chainlink is growing in size, being constantly added to more and more blockchains. The staking protocol is a vital part of the expansion of the coin and is part of the wider Chainlink Economics 2.0 roadmap.

The initial implementation of the staking feature is expected to come into force throughout the second half of 2022 in line with the roadmap’s expansion plans. Other added features in the roadmap include expanded services and loss protection.

Recently, the Chainlink platform announced that it would begin to provide live price data on the Solana blockchain. After this news was passed, Head of Products at Chainlink Labs Chirag Dull commented that “The high throughput architecture of Solana will help the Chainlink price feeds obtain data at high speeds and low costs”.

Co-founder of Solana Anatoly Yakovenko backed up this statement, highlighting that “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain”. These developments are great news for the future of Chainlink.

The current crypto markets are following a bearish trajectory with altcoins like LINK being swallowed up by market leader Bitcoin’s downtrend over the past 6 months. However, now could be the start of an uptrend for LINK, especially as the new roadmap has given it significant momentum.

At the time of writing, the price of LINK is $7.25, and LINK had a green week last week, putting in an over 18% move to the upside.

Although the LINK price has since corrected following the Ethereum dip today. There is a 72% buy rating on Coinbase for Chainlink, which signifies the bullish market sentiment for the coin.

Link is down 85% from its all-time high of $53. If a bull market can reoccur in the crypto space, then it would seem likely that the coin would be able to jump up to a least the $30 level. However, in order to do this, LINK is going to need to break the resistance level that it has tested a few times since its all-time high bull run.

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