Grayscale's recent filing for a Chainlink (LINK) spot ETF with the U.S. SEC has ignited fresh bullish sentiment in the market, sending LINK prices above $23.00 on Monday. The ETF, proposed under the ticker GLNK for listing on NYSE Arca, would offer institutional investors real-time, regulated exposure to Chainlink’s decentralized oracle network—a significant expansion beyond Grayscale’s traditional focus on Bitcoin and Ethereum.

From a technical analysis standpoint, Chainlink has broken out of a falling wedge pattern on the 4-hour chart, a bullish setup that now targets a potential 18% gain toward $26.75. Supporting this momentum are key indicators: the MACD and RSI, with RSI currently at 57, indicating growing bullish strength. LINK is also trading above key moving averages, including the 50-period EMA at $22.87 and approaching the 100-day EMA resistance at $23.12. If LINK can close above this resistance, further upside is likely.

Additionally, the average Open Interest (OI) in LINK futures rose to $1.58 billion, reflecting heightened retail and institutional engagement. Stable or increasing OI could reinforce bullish momentum in the short term, especially as profit-taking may be absorbed by the 200-period EMA support at $22.43.

In short, the combination of strong technical signals, rising market interest, and the ETF catalyst positions Chainlink for a potential breakout, with the $26.75 target in sight.

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