TLDR
- Grayscale filed S-1 application for Chainlink ETF with SEC following Bitwise’s earlier submission
- LINK price gained 4.1% to $23.23 with trading volume surging 65% to $1.66 billion
- Technical analysts predict 48% rally potential to $34 based on bullish wedge pattern
- Open interest jumped 7.16% to $1.68 billion after ETF filing announcement
- Cryptocurrency maintains $15.67 billion market cap while defending $22 support level
Chainlink price has gained momentum following Grayscale’s SEC filing for a spot ETF. The oracle token trades at $23.23 after posting a 4.1% gain in 24 hours.
The investment firm submitted an S-1 application to convert its existing Chainlink trust into an exchange-traded fund. If approved, the ETF would list on NYSE Arca under ticker GLNK.
This development comes weeks after Bitwise filed its own Chainlink ETF application. The dual filings reflect growing institutional demand for regulated crypto exposure.
Market response was immediate as open interest surged 7.16% to $1.68 billion. Trading volume jumped 65% to $1.66 billion according to CoinGlass analytics.
The ETF narrative historically drives speculative inflows before regulatory decisions. Investors often position ahead of potential approvals despite uncertain timelines.
Technical Analysis Shows Bullish Setup
Crypto analysts identify a descending wedge pattern forming on LINK’s price chart. This structure mirrors previous setups that preceded major rallies.
A market analyst highlighted that similar patterns previously triggered an 80% price surge. Current technical formation suggests comparable upside potential.
LINK has completed three positive wave formations since its weekend low. Technical indicators point toward a potential five-wave completion pattern.
The cryptocurrency must break above $24 resistance to confirm the bullish thesis. Price stability above $21 remains crucial for maintaining upward momentum.
Resistance appears at $26 based on recent trading action. Breaking through this level would open the path toward higher price targets.
The Relative Strength Index sits at 51.30, indicating balanced market conditions. Neither buyers nor sellers currently dominate price action.
Moving Average Convergence Divergence shows mixed signals with the MACD line below its signal point. The histogram reads negative at -0.49380.
LINK defended the $22 support zone repeatedly during recent consolidation. This defense suggests underlying demand remains strong at current levels.
Chainlink Price Prediction
Technical projections point to a 48% rally potential toward $34 if the wedge pattern completes. This target aligns with historical breakout measurements.
Volume confirmation supports the bullish thesis as participation metrics strengthen. Rising volume typically accompanies sustained price movements.
The combination of ETF filing catalysts and technical patterns creates multiple bullish factors. Market sentiment has shifted positive following the regulatory development.
Analysts compare the current formation to previous breakout patterns in LINK’s price history. Historical data shows similar setups often precede extended upward moves.
Open interest growth reflects increased positioning from both institutional and retail traders. This metric often signals conviction ahead of major price moves.
The SEC approval process remains uncertain for pending ETF applications. However, market participants have begun pricing in potential approval scenarios.
Short-term price action depends on maintaining support above $22. A break below this level could invalidate the current bullish setup.
The cryptocurrency market continues monitoring regulatory developments around spot ETF approvals. Chainlink benefits from being among the first altcoins considered for ETF status.
