Link's Cryptocurrency Forecast: ETF Nexus and Support Level Point Toward $35 Surge Potential
In the ever-evolving world of cryptocurrency, Chainlink (LINK) continues to make headlines. The digital asset's market cap is nearing $15.23 billion, supported by a daily turnover of $455.6 million.
For several weeks, LINK has been trading above $20, a testament to its resilience amidst market-wide volatility. This resilience is further underscored by the recent filing of a Chainlink Exchange-Traded Fund (ETF) by Grayscale, as noted by Lark Davis.
Grayscale, a leading digital asset manager, submitted an S-1 registration form to the US Securities and Exchange Commission (SEC) with the aim of approving a Chainlink ETF. Interestingly, another company, Bitwise, also filed the first Chainlink ETF application with the SEC.
Analysts interpret this move as a positive sign, suggesting that selling pressure is being absorbed. The Chaikin Money Flow (CMF) currently stands at -0.02, indicating mild outflows but hovering close to neutral territory.
The Bollinger Bands, as shown by TradingView, set $23.95 as immediate resistance and $21.10 as critical support for LINK. If this resistance is breached, it could mark the end of the pullback phase and the start of a new upswing.
Currently, LINK's price is approximately $22.44, up 0.81% in the last 24 hours. The coin's high liquidity makes it one of the most actively traded cryptocurrencies.
The filing for a Chainlink ETF could bring institutional flows into the market, boosting mainstream accessibility. This ETF story strengthens traders' confidence that LINK could attract more sustained demand.
Chainlink is approaching a pivotal support range, according to analyst Inmortal. If support near $21 holds and momentum turns positive, traders may consider potential targets at $26.81, $27.87, and the $30-$35 range. These targets align with prior resistance zones where LINK struggled to hold gains.
Analysts believe that the coming bounce could be powerful if buyers step in at current levels. The combination of a technical support base and the fundamental ETF momentum gives LINK a unique dual narrative.
In conclusion, LINK's performance and the ETF filing by Grayscale have created a positive outlook for the digital asset. If the support holds and momentum turns positive, LINK could potentially reach its projected targets in the $30-$35 range.
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