Chainlink’s native token LINK rallied Wednesday7% over the past 24 hours, outpacing the broader crypto market as traders responded to the debut of the first U.S.-listed spot Chainlink ETF.
The Grayscale Chainlink Trust ETF (GLNK), converted from a closed-end fund and traded on NYSE Arca, brought in $37 million in net inflows on its first day on Tuesday, according to SoSoValue data. 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 with trading volume jumping 183% above the 24-hour average, peaking at 6.71 million tokens traded at 14:00 UTC as LINK briefly hit $14.63 before pulling back, CoinDesk Research’s market insight tool noted.
Despite the rejection at session highs, the token maintained an ascending trendline from its $13.35 base, logging consecutive higher lows throughout the day and maintaining a bullish structure, the tool suggested.
LINK outperformed most top-20 cryptocurrencies, aided by both the ETF catalyst and a broader rotation into tokens with clear utility narratives. The CoinDesk 5 Index also rose 3.3% on the day, though LINK’s gains exceeded the benchmark by over 4 percentage points.
Key technical levels to watch:
- Support/Resistance: Support holds at $14.28 with psychological backing at $14.40; resistance at $14.63.
- Volume Analysis: 183% volume surge at session high signals institutional participation and resistance testing.
- Chart Patterns: Consolidation between $14.395–$14.445 could form launchpad for renewed breakout.
- Targets & Risk/Reward: Near-term target at $14.63, with broader upside possible if buyers hold above $14.28.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
