Chainlink’s native token LINK has gained 7% in the past 24 hours, outperforming the broader cryptocurrency market, as traders reacted to the debut of the first U.S.-listed spot Chainlink ETF.
The Grayscale Chainlink Trust ETF (GLNK), which was converted from a closed-end fund and trades on NYSE Arca, brought in $37 million in net inflows on its debut on Tuesday, according to data from SoSoValue. The launch marks a milestone in institutional adoption of Chainlink, giving traditional investors direct access to LINK through brokerage accounts.
CoinDesk Research’s market insights tool noted a sharp increase in trading activity around LINK, with trading volume jumping 183% from the 24-hour average, peaking at 14:00 UTC at 6.71 million tokens traded, with LINK briefly touching $14.63 before falling back.
The tool shows that despite rejection at the intraday high, the coin maintained an ascending trendline from a base of $13.35, making consecutive higher lows throughout the day and maintaining a bullish structure.
LINK has outperformed most of the top 20 cryptocurrencies, helped by ETF catalysts and a broader shift toward tokens with clear utility narratives. The CoinDesk 5 Index was also up 3.3% on the day, although LINK outperformed the benchmark by more than 4 percentage points.
Key technical levels worthy of attention:
- Support/Resistance: Support is at $14.28, psychological support is at $14.40; resistance is at $14.63.
- Trading volume analysis: Volume surged 183% at the intraday high, signaling institutional participation and a test of resistance.
- Chart mode: Consolidation between $14.395 and $14.445 could form the launching pad for a new breakout.
- Goals and Risk/Reward: The near-term target is $14.63, with potential for broader upside if buyers hold above $14.28.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
