TLDR
- Bitwise filed an S-1 form with the SEC for a Chainlink (LINK) Exchange-Traded Fund application
- Analysts project Chainlink could reach $40-$56 if it maintains support above $24-$25
- CyberPrince compares LINK’s setup to a potential multi-bagger investment opportunity
- Chainlink currently trades at $26.18 with $17.77 billion market cap and $1.35 billion daily volume
- Elliott Wave analysis shows bullish structure remains intact with key support at $25
Cryptocurrency asset management firm Bitwise has submitted an application to the SEC for a Chainlink Exchange-Traded Fund. The filing uses the S-1 form required for new securities offerings.
This development comes as Chainlink trades at $26.18 after a 2.02% decline over 24 hours. The token fluctuated between $25.60 and $26.20 during this period.
Early trading showed sharp declines before buyers stepped in near support levels. This created a V-shaped recovery pattern as the market defended key price zones.
The cryptocurrency maintains a market capitalization of $17.77 billion. This keeps Chainlink ranked within the top 15 digital assets by market value.
Trading volume reached $1.35 billion over the 24-hour period. The elevated volume indicates active market participation despite the modest price decline.
Analysts Project Multi-Bagger Potential
Analyst CyberPrince expressed strong confidence in Chainlink’s price trajectory. He compared the setup to a Rocket Lab-style breakout opportunity.
CyberPrince argues that LINK represents one of the strongest investment opportunities across all markets. His analysis suggests potential for multi-bagger returns within months.
The analyst frames the token as entering a phase where potential gains outweigh near-term volatility. He stressed that swift adjustments matter more than avoiding trading mistakes entirely.
His outlook points to confidence in continuing bullish momentum. This view is supported by resilient recovery attempts after price dips.
Chainlink Price Prediction
Analyst Nology shared projections based on Elliott Wave technical analysis. His assessment shows Chainlink has maintained momentum without creating new lows.
Nology outlined that the broader upward trend remains intact as long as LINK stays above $24. He emphasized that corrective moves are unlikely to push the price below $25.
This $25 level serves as a key support area for potential continuation higher. His chart shows successive impulse waves with corrective pullbacks respected near support zones.
Nology referred to this as a “max bull scenario” projecting rallies toward the $40-$56 zone. These projections depend on current support levels holding firm.
The recovery attempt positioned Chainlink near resistance levels around $26.10-$26.20. Intraday action pointed to resilience with traders stepping in on dips.
If the cryptocurrency secures a breakout above $26.20, it could open space for further gains. However, sustained pressure below $25.60 may invite renewed selling interest.
The accumulation pattern suggests investors are watching the $24-$25 region closely. This range could serve as a foundation for the next price move.
Sustaining this support range would reinforce the bullish wave count projected by analysts. It would keep the path open toward higher resistance levels.
Market participants continue monitoring technical signals that could validate the current bullish outlook. The combination of ETF filing news and technical analysis provides multiple factors for traders to consider.
