Chainlink (LINK) Eyes $30 Target as ETF Approval Sparks Renewed Demand

Bitwise’s Chainlink spot ETF has received approval from the SEC, marking the first time the asset has entered the US market. This significant step allows institutional funds to now enter the world of the token. Although it has dropped over 70% from its all-time high price of $52.70, this should lead to a surge in demand.

Bitwise will not charge management fees for the initial three months to promote adoption. The trading is set to commence as early as this week. It is clear that although this is a positive development, it does not necessarily ensure price appreciation. The rise of crypto infrastructure tokens means that the price of the token will benefit since it will bridge the gap between the decentralized world and the conventional investment outlet.

Also Read: Chainlink Gains Momentum: Can Break Key $14.63 Resistance Soon?

LINK Signals Trend Shift as Upside Pressure Builds

The token is also revealing some new-found strength as it supports an important level and breaks a short-term downtrend. The traders are also taking notice as they see a possible start to a positive reversal pattern as sentiment seems to be shifting with the token preparing to make a decisive move.

Source: X

The spotlight is now on the resistance of $15. A clean breakout past this level could spark significant buying pressure, which could help revive market confidence in the token. A failure to break out past this level, however, could see further periods of ranging. Experts have indicated that traders need to keep a close eye on trading volumes and momentum in this period.

LINK Could Surge to $30 if Support Holds Strong

LINK ended up in the negative region, which is still a bearish trend. Although there could be further losses for the digital asset, the price of Bitcoin still leads the market. If the token is able to maintain support at $13.50, there could be a temporary bounce to the $20-$30 level.

Source: X

Analysts have warned that caution should be exercised, advising that positions should only be made after more sustainable market actions. While there may be trading opportunities through short-term market fluctuations, the market actions of Bitcoin are also very likely to influence the market actions of the altcoins. Technical analysis requires consideration of market perspectives.

Also Read: Chainlink Whale Activity Sparks Speculation: Is Preparing for a $28 Move?