- Chainlink is currently trading at $14.28 with a volume of $1.01 billion and has a market cap dominance of 0.32%.
- Analysts suggest that LINK can hit $150 if support at $9.80 is sustained.
- Chainlink ETF started with a strong inflow of $41 million, beating the $8.2 million of Solana.
Chainlink (LINK) is currently trading at $14.28 following a decline of 2.06%. The token has a 24-hour trade value of $1.01 billion and a total market value of $9.97 billion. Market dominance is currently at 0.32%, which is a clear indication of active involvement, despite the changing circumstances in the overall cryptocurrency market.
Analyst Crypto Patel shared a bullish technical analysis post on Chainlink. He noted a strong buying pressure between $14 and $10. According to Patel, long-term investors can start accumulating assets in the region. He reinforced the importance of staying confident, provided LINK maintains support at $9.80.
Patel outlined optimistic upside targets at $30 and $50. He also stated that reaching $150 is a possibility before the end of the bullish cycle. He believes the scale of LINK’s breakout depends on the timing of altseason. Patel also urged caution due to persistent market volatility.
Chainlink ETF Demand Strengthens Market Interest
A new Chainlink ETF saw $41 million in net inflows on the first day, reported by Eric Balchunas. The total volume of trades amounted to $13 million. This is one of the best ETF launch performances so far this year. This indicates increasing demand for a regulated approach to obtaining exposure to an altcoin.
The ETF outpaced the Solana product’s first-day volume of $8.2 million. XRP led the industry with $243 million on the first day. Analyst James Seyffart said the Chainlink launch was solid but not exceptional. He noted the fund reached $64 million in assets, including an $18 million seed.
Seyffart also reported that the launch has proved that fewer liquid tokens can also trigger ETF attention. He highlighted the value of ETFs in expanding access to digital assets. Despite the ETF momentum, LINK’s price remains volatile. The token is up 10% weekly but down 39% yearly.
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Altcoin ETFs Gain Momentum as Market Broadens
Newly developed ETFs for new altcoins are also on the up. These new ETFs include Solana, XRP, and Dogecoin. More XRP and Dogecoin ETFs are planned to go next week. The total amount of net inflows of the Canary Capital XRP ETF reached $58 million. Bitwise’s Solana Staking ETF reached $660 million without having any outflows.
The New York Stock Exchange has approved the listing of Grayscale’s XRP and Dogecoin ETFs. As announced by regulatory filings, the products are set to launch on Monday. Bitwise has also revealed its new Dogecoin ETF. Demand among investors to invest in various altcoins is also accelerating with the onset of the new competitive market.
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