- Chainlink (LINK) price jumped above $23.25 after Grayscale filed for a Chainlink spot ETF.
- Grayscale seeks SEC approval to convert its Chainlink Trust into a spot ETF under the ticker GLNK.
- The move mirrors Bitcoin and Ethereum spot ETF approvals in 2024, which fueled massive institutional inflows.
- Analysts see potential for LINK to break past the $24.00 resistance and aim for higher targets.
- Chainlink adoption is strengthening as the U.S. Department of Commerce integrates onchain data through oracles.
Grayscale’s Chainlink ETF Sparks Investor Excitement
Chainlink’s price surged to highs of $23.29 on the back of major ETF news. Asset manager Grayscale has officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), seeking to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF).
If approved, the fund will trade on the New York Stock Exchange under the ticker GLNK. Grayscale, already managing several crypto trusts, is also pursuing ETF approvals for Dogecoin (DOGE), Litecoin (LTC), Avalanche (AVAX), and XRP.
According to the filing, the fund will use a cash-based model, with prices tied to both LINK’s market value and its NYSE Arca trading price.
LINK Price Rally and Technical Outlook
Following the announcement, LINK’s price rallied strongly and is now testing the $24.00 resistance level. A breakout above this barrier could open the door to parabolic gains as traders anticipate institutional inflows similar to those witnessed with Bitcoin and Ethereum ETFs.
Also Read: Chainlink Price Nears $30 as Whale Accumulation Boosts LINK Outlook
The SEC’s approval of BTC and ETH spot ETFs in 2024 triggered record-breaking inflows and helped drive both assets to new highs. Many analysts believe LINK could benefit from a comparable trend if its ETF is greenlit.
Why Chainlink Could See a Parabolic Move
- Institutional Inflows: ETF approval could channel significant institutional capital into LINK.
- Grayscale’s Track Record: As one of the largest crypto asset managers, Grayscale’s products tend to attract strong investor interest.
- Oracle Network Adoption: Chainlink’s role as the leading decentralized oracle is expanding, including partnerships with government bodies like the U.S. Department of Commerce.
- Broader Altcoin Momentum: LINK’s rally coincides with bullish moves across the altcoin sector.
- Strong Technical Setup: Momentum indicators suggest LINK could push beyond resistance zones and aim for fresh multi-month highs.
Chainlink Adoption Beyond the ETF
Beyond speculative trading, Chainlink continues to expand its real-world utility. The U.S. Department of Commerce recently adopted Chainlink to bring macroeconomic data onchain, a move that underscores LINK’s role in bridging traditional finance and blockchain technology.
As adoption increases, Chainlink’s fundamentals strengthen, offering long-term support for its price trajectory.