TLDR
- Chainlink price is showing strong momentum as it trades above the $23 level after a 4.1 percent daily gain.
- The recent breakout from a descending wedge pattern signals a bullish continuation according to technical analysts.
- Analysts forecast a potential 48% rally if the current bullish structure remains intact.
- Trading volume has surged by over 65% which adds weight to the breakout and signals increasing market interest.
- Grayscale’s recent ETF filing has increased investor optimism and renewed interest in the Chainlink ecosystem.
Chainlink price shows renewed bullish momentum following weeks of tight consolidation. The token gained 4.1% in 24 hours, trading at $23.23. Analysts now highlight a potential 48% upside if current conditions persist.
Technical Structure Supports Bullish Extension
Chainlink price broke out of a descending wedge, confirming a bullish technical pattern. The last time a similar setup occurred, LINK rallied 80%. This comparison now shapes expectations for another strong move.
Currently, Chainlink price holds firm support near $22, with repeated defenses reinforcing demand strength at lower levels. Resistance remains overhead at $26, while further upside could target $34 if momentum persists. Analysts stress that continued strength above $21 is key for bullish confirmation.
- LINK/USDT 4-Hour Chart (Source: X)
A leading market strategist noted, “The current breakout structure mirrors historical patterns, which triggered sizable gains.” The pattern, combined with consistent support, signals rising investor confidence in Chainlink price. The setup remains valid as long as LINK maintains price stability above critical support levels.
Chainlink Price Rally Fueled by ETF Speculation
Grayscale filed an S-1 to convert its Chainlink Trust into a spot ETF, igniting optimism across the market. Bitwise also submitted a similar filing recently, strengthening industry momentum. These moves follow growing demand for crypto-based institutional products.
Chainlink price responded positively as the ETF filing renewed interest from both spot and derivatives traders. Open interest rose 7.16% to $1.68 billion, reflecting higher speculative inflows. This increase shows strong conviction among leveraged players expecting further price gains.
ETF speculation historically fuels rallies ahead of approvals, and many now anticipate a similar outcome. While SEC timelines remain uncertain, the filing’s timing aligns with an improving technical backdrop. Analysts suggest this narrative could sustain upside into Q4.
As investor enthusiasm builds, the ETF catalyst adds credibility to the bullish continuation setup. The structure gains further strength with higher market engagement. Chainlink price now sits at the center of multiple growth drivers.
Trading Activity Validates Bullish Thesis
According to CoinGlass, trading volume surged 65.10% to $1.66 billion, confirming strong participation behind the breakout. Increased activity supports the possibility of sustained upside moves in Chainlink’s price. Volume spikes often accompany trend-defining breakouts.
Chainlink price benefits from rising sentiment across broader crypto markets, which now favor upward momentum. Analysts say growing confidence amplifies LINK’s breakout potential. As conditions strengthen, the bullish setup continues gaining support.
Current price action, coupled with technical and sentiment indicators, points to a possible 48% rally. Chainlink price holds its bullish posture, as demand, volume, and narrative align for further gains. Investors now watch key levels as the structure unfolds.
