Chainlink’s native LINK token on Wednesday rallied 7% in the past 24 hours, outperforming the broader crypto market as traders responded to the debut of Chainlink’s first US-listed spot ETF.
The Grayscale Chainlink Trust ETF (GLNK), converted from a closed-end fund and listed on NYSE Arca, generated $37 million in net inflows on its first day on Tuesday, according to data from SoSoValue. The launch marks a milestone for institutional adoption of Chainlink, giving traditional investors direct exposure to LINK through brokerage accounts.
Trading activity around LINK spiked sharply and trading volume jumped 183% above the 24-hour average, peaking at 6.71 million tokens traded at 14:00 UTC when LINK briefly hit $14.63 before pulling back, CoinDesk Research’s market analysis tool noted.
Despite the rejection at session highs, the token maintained an ascending trendline from its base of $13.35, recording consecutive lows throughout the day and maintaining a bullish structure, the tool suggested.
LINK outperformed most of the top 20 cryptocurrencies, aided by both the ETF catalyst and a broader rotation toward tokens with clear utility narratives. The CoinDesk 5 index also rose 3.3% on the day, although LINK’s gains outpaced the benchmark index by more than 4 percentage points.
Key technical levels to consider:
- Support/Resistance: Support remains at $14.28 and psychological support at $14.40; resistance at $14.63.
- Volume analysis: A 183% volume increase at the session high indicates institutional involvement and resistance testing.
- Chart Patterns: The consolidation between $14,395 and $14,445 could provide a launching pad for a new breakout.
- Objectives and risk/reward: The short-term target is $14.63, with a broader upside possible if buyers hold above $14.28.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
