Chainlink (LINK) Price Rises After Grayscale ETF Launch
Chainlink (LINK) price increased by nearly 7% on Wednesday. This gain followed the launch of Grayscale’s LINK Exchange Traded Fund (ETF) on Tuesday.
Retail interest in LINK grew as futures Open Interest rose over 20% in 24 hours. The technical outlook for LINK is bullish, with the price aiming to break above the Supertrend line.
Strong Demand for LINK After Grayscale’s ETF Debut
Chainlink became one of the best-performing cryptocurrencies in the past day. This was driven by the launch of Grayscale’s Chainlink Trust ETF (GLINK) on Tuesday.
- Trading volume on Tuesday reached $13.81 million, according to Sosovalue.
- Grayscale held 1.30 million LINK tokens as of Wednesday.
- If GLINK ETF sees steady inflows like Solana ETFs, LINK’s price could rise.
The derivatives market also saw increased activity. LINK futures Open Interest reached $617.64 million, up 20.21% in the last 24 hours, showing bullish positions building up.
The Open Interest-weighted funding rate was 0.0082%, signaling strong bullish confidence. Funding rates close to 0.010% usually indicate strong conviction among buyers.
Chainlink Approaches Key Resistance Levels
LINK is recovering for the second day but still trades below its 50-day and 200-day EMAs at $15.33 and $17.51. This suggests bulls face challenges ahead.
The price is near the Supertrend indicator at $14.96. A close above this level could strengthen the bullish trend.
Resistance may appear near the highs from October 20 and October 7, at $19.19 and $23.73, respectively.
The Relative Strength Index (RSI) is at 53, indicating rising buying pressure after recent gains. The MACD shows increasing bullish momentum as the lines move toward the zero level.
If LINK closes below $13.69 (the November 4 low), the price could fall further to $11.61, the November 21 low.
