Chainlink (LINK) Climbs 7% as U.S. Spot ETF Launch Drives Demand
Chainlink’s LINK surged 7% over the past 24 hours, outperforming most major cryptocurrencies as U.S. investors gained access to the first U.S.-listed spot Chainlink ETF.
The Grayscale Chainlink Trust ETF (GLNK), converted from a closed-end fund and listed on NYSE Arca, attracted $37 million in net inflows on its debut day, according to SoSoValue. The launch marks a milestone for institutional adoption, providing traditional investors direct exposure to LINK through brokerage accounts.
Trading activity spiked, with volume 183% above the 24-hour average, peaking at 6.71 million tokens traded at 14:00 UTC. LINK briefly touched $14.63 before pulling back but maintained an ascending trendline from $13.35, forming higher lows and retaining a bullish structure, CoinDesk Research noted.
LINK’s gains were driven by the ETF debut and a rotation into tokens with strong utility narratives. The CoinDesk 5 Index rose 3.3% on the day, while LINK outperformed the benchmark by over four percentage points.
Technical Highlights:
- Support/Resistance: Support at $14.28, psychological backing at $14.40; resistance at $14.63
- Volume: 183% surge signals institutional participation
- Chart Patterns: Consolidation between $14.395–$14.445 may set up a breakout
- Targets & Risk/Reward: Near-term target $14.63; further upside possible if support holds above $14.28
