Chainlink has captured market attention as its price strengthens following a major regulatory development. The cryptocurrency trades at $23.23 after posting a 4.1% gain in the past 24 hours.
Grayscale Investment Trust filed an S-1 application with the Securities and Exchange Commission for a Chainlink ETF. The proposed fund would trade on NYSE Arca under the ticker GLNK if approved.
This filing comes weeks after Bitwise submitted its own Chainlink ETF application. The back-to-back submissions highlight growing institutional interest in the oracle token.
🚨 JUST IN: #Grayscale files for a Chainlink ($LINK) ETF with the #SEC!
Proposed ticker: $GLNK on NYSE Arca (awaiting approval) 📃
Another big step for altcoin ETFs… pic.twitter.com/FVi3bwnGML— CCN (@CCNDotComNews) September 8, 2025
The Grayscale announcement triggered immediate market response. Open interest surged 7.16% to $1.68 billion following the filing news.
Trading volume jumped 65% to $1.66 billion according to CoinGlass data. This participation spike reflects increased conviction among both spot and derivatives traders.
The ETF narrative has historically driven speculative inflows before final regulatory decisions. Market participants often position ahead of potential approvals.
LINK’s market capitalization currently stands at $15.67 billion. The cryptocurrency has maintained steady demand above the $22 support level during recent consolidation.
Analysts identify a bullish wedge pattern forming on LINK’s price chart. This structure mirrors a previous setup that led to an 80% rally.
looks like $LINK is cooking another bull flag rn.
First one sent it +80%… if it repeats, next leg takes it straight into $34+ territory. simple as that!
Time to assemble link marines.. pic.twitter.com/FevkCNjPcC
— Axel Bitblaze 🪓 (@Axel_bitblaze69) September 8, 2025
Technical analyst projections suggest a potential 48% rally toward $34 if the pattern completes. The cryptocurrency must break above $24 resistance to confirm this bullish thesis.
LINK has completed three positive wave formations since its weekend low. A full five-wave structure would strengthen the upward momentum case.
The Relative Strength Index sits at 51.30, just above the neutral 50 level. This indicates balanced buying and selling pressure in the current market.
Moving Average Convergence Divergence shows mixed signals. The MACD line trades below its signal line with a negative histogram reading of -0.49380.
Price stability above $21 remains crucial for maintaining bullish sentiment. A break below this level could invalidate the current technical setup.
Resistance levels appear at $26 based on recent price action. Breaking through this barrier would open the path toward higher targets.
The cryptocurrency defended the $22 zone multiple times during recent consolidation. This repeated defense suggests strong underlying demand at current levels.
Market analysts compare the present formation to previous breakout patterns. Historical data shows similar setups have preceded major upward moves in LINK price.
Volume confirmation accompanies the technical setup as participation metrics strengthen. The combination of rising volume and bullish patterns typically supports continuation moves.
Open interest growth reflects increased positioning from institutional and retail traders. This metric often precedes sustained price movements in either direction.
The SEC approval process timeline remains uncertain for both pending ETF applications. However, market sentiment around potential approval has already begun influencing price action across multiple trading sessions.
The post Chainlink (LINK) Price: Grayscale ETF Filing Sparks Rally Toward $34 Target appeared first on CoinCentral.
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