Chainlink’s native token LINK rose 7% over the past 24 hours on Wednesday, outperforming the broader crypto market as traders reacted to the debut of the first US-listed spot Chainlink ETF.
The Grayscale Chainlink Trust ETF ( GLNK ), converted from a closed-end fund and traded on the NYSE Arca, brought in $37 million in net inflows on its first day 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 surged with trading volume jumping 183% over the 24-hour average, peaking at 6.71 million tokens traded at 14:00 UTC, when LINK briefly hit $14.63 before retreating, CoinDesk Research’s market insight tool noted.
Despite the rejection at session highs, the token maintained a rising trendline from its $13.35 base, logging consecutive higher lows during the day and maintaining a bullish structure, the tool suggested.
LINK outperformed most top-20 cryptocurrencies, helped by both the ETF catalyst and a broader rotation to tokens with clear utility stories. The CoinDesk 5 index also rose 3.3% on the day, although LINK’s gains outpaced the benchmark by over 4 percentage points.
Key technical levels to watch:
- Support/Resistance: Support holds at $14.28 with psychological support at $14.40; resistance at $14.63.
- Volume analysis: 183% volume increase at session high signals institutional participation and resistance testing.
- Chart Patterns: Consolidation between $14,395-$14,445 could initiate a renewed breakout.
- Objectives and risk/reward: Short-term target at $14.63, with wider upside possible if buyers hold above $14.28.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
