- Chainlink (LINK) gains momentum as Grayscale files a LINK ETF with the SEC, attracting institutional interest.
- Technical analysts watch for a breakout above $24, following positive wave formations since the weekend low.
- RSI and MACD indicate neutral to slightly bearish momentum, suggesting cautious optimism among investors.
Chainlink is gaining renewed attention as it shows signs of upward momentum in the crypto market. Recent developments around a potential ETF and positive technical signals are attracting investor interest. Analysts are closely watching for further gains.
At the time of writing, LINK is trading at $23.11, with a 24-hour trading volume of $1.52 billion and a market cap of $15.67 billion. Over the past 24 hours, LINK’s price has increased by 3.25%, indicating renewed investor interest.
Grayscale Moves Forward with Chainlink ETF
Crypto analyst CCN reports a major development: Grayscale has filed a Chainlink ($LINK) ETF application with the SEC. If approved, the ETF would be listed on NYSE Arca under the ticker $GLNK, providing investors a regulated way to gain exposure to altcoins. The filing highlights growing institutional interest in LINK.
Chainlink Eyes Breakout Above $24
Technical analysts are also monitoring LINK’s price action. According to More Crypto Online analysis, LINK has completed three positive waves since the weekend low. A full five-wave positive action and a breakout above the $24 green signal line could indicate that a positive trend is underway.
Investors are observing both the technical signals and the news about the ETF closely. As long as momentum is maintained, LINK could reach higher levels in the days to come, solidifying its position as a significant altcoin in the markets.
Also Read | Chainlink Institutional Use Case Rises, Price Targets $26
Chainlink Holds Steady with Signs of Neutral Momentum
The Chainlink Relative Strength Index (RSI) is at 51.30, just above the 50 neutral point. It means buying and selling pressures are close to evenly matched, and neither side is fully in control yet. The RSI is below its signal point at 53.54, showing a slight cooling trend.
The Moving Average Convergence Divergence (MACD) tells an indecisive story, as the MACD line stands at 0.38632, below the signal line at 0.88012. The histogram also shows a negative figure of -0.49380, confirming recent bearish pressure.
Also Read | Chainlink (LINK) at a Critical Point: $300 Rally Ahead or Rejection at All-Time High?
