LINK breaks out as Grayscale proposes Chainlink ETF | Credit: Hameem Sarwar
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Key Takeaways
LINK’s price surged to $23.62 after Grayscale filed to convert its Chainlink Trust into an ETF.
The Chainlink Holder Accumulation Ratio rose, confirming active investors are adding positions.
Chainlink’s price has broken out of a falling wedge, while DMI turned bullish and ADX climbed.
Chainlink (LINK) price could be on the verge of hitting higher highs. This comes after asset manager Grayscale filed for an exchange-traded fund (ETF) tied to the cryptocurrency.
Following the development, Chainlink’s price has bounced to $23.62. However, it does not seem like this will be close to LINK’s market top for this cycle.
Here are the reasons for and possible price targets that LINK might hit.
Chainlink Rallies
Between Friday, Aug. 22, and Sept. 8, Chainlink’s price struggled to break past a key resistance level. But that has now changed.
At press time, LINK has pushed above the resistance line, fueled by mounting buying pressure.
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Outside of that, Grayscale’s application for a Chainlink ETF also contributed to the sentiment and price action.
According to the filing, Grayscale confirmed that its proposed fund is a conversion of the existing Chainlink Trust, designed to give investors direct exposure to LINK, the native cryptocurrency powering Chainlink’s decentralized oracle network.
If approved, the fund would trade on NYSE Arca under the ticker GLNK, with Coinbase Custody Trust Company serving as custodian. This move would expand regulated investment access to altcoins beyond Bitcoin and Ethereum.
Amid Grayscale’s filing, the Chainlink Holder Accumulation Ratio has surged to 51.32%. Ratios above 50% point to net accumulation among active holders.
This metric is important because it reflects the behavior of active market participants. A rising accumulation ratio signals growing conviction in the asset, as investors are willing to commit additional capital instead of taking profits.
LINK Holder Accumulation Ratio | Credit: Glassnode
When sustained, this trend can reduce selling pressure, tighten supply in the market, and create conditions for upward price momentum.
In Chainlink’s case, the current ratio suggests that the holder base is leaning bullish. It could amplify demand if accumulation continues, potentially driving Chainlink’s price higher.
LINK Price Prediction: No Downtrend
On the daily chart, Chainlink’s price has broken above the upper trendline of a falling wedge—a bullish reversal pattern that often signals the end of downward momentum.
The Directional Movement Index (DMI) has also flipped bullish. At press time, the +DMI (green) stands at 22.49, outpacing the –DMI (red) at 16.99, showing buyers have gained the upper hand.
Meanwhile, the Average Directional Index (ADX) has climbed to 19.94, hinting that the trend is strengthening, though it still has room to grow before signaling a fully established trend.
If the current trend holds, LINK could break through the $26.52 resistance, opening the door for a rally toward $30.99 in the short term.
Looking ahead, sustained bullish momentum might drive the altcoin to $44, marking a significant long-term target.
However, the outlook isn’t without risk. Failure to clear the overhead resistance could trigger renewed selling pressure, dragging LINK back toward support at $18.09.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
