Chainlink Price Eyes More Recovery After Grayscale’s Spot ETF Launch

Chainlink price is eyeing further recovery after Grayscale launched the first U.S.Chainlink ETF, GLNK, offering zero fees.  At present, LINK is trading above the $12 mark, and it could explode to reach up to $20. In the last 24 hours, the crypto market has increased by 1.61 percent, recovering after the previous decrease of 19%in the past 30 days.

Bitcoin price has now surged over $88,000, and it is on a bullish wave. Other cryptocurrencies market such as Solana, Cardano, Ethereum and XRP have also had a small increase over the last few hours. The ETF introduced by Grayscale has the potential of accelerating the growth of Chainlink.

Chainlink Price Could Surge Following Grayscale’s Launch of GLNK ETF

Chainlink price is also reflecting the possibilities of recovery after the introduction of the first U.S. LINK exchange-traded product (ETP) by Grayscale. GLNK is the new product, and it is currently listed on the NYSE Arca. This is a new investment option to those keen on the Chainlink oracle-oriented blockchain.

The decision by Grayscale will be included in a broader strategy to provide controlled exposure to major digital assets. Instead, the Chainlink ETP has an exchange-traded product format as opposed to a conventional 40-Act ETF. Nevertheless, it also offers investors with the common values in traditional ETFs.

Grayscale is significant in obtaining the approval to launch the ETP. It is an indicator of the increasing institutional interest in Chainlink as well as its decentralized network. Such an introduction should lead to increased capital inflow, which could increase the Chainlink price.

Can LINK Price Sustain Momentum Above $12?

As of the reporting time, the LINK price has risen to $12.68, reflecting a 10% increase. The price shows strong support at $12.00, with resistance levels at $13.50 and $15.00.  Chainlink has recently broken through $12.00, indicating a potential bullish trend.

The MACD is also indicative of an upward movement since the MACD line is above the signal line. The histogram is also green, which is an indicator of persistent purchasing. 

The Relative Strength Index (RSI) is 51.34, which means neutral market conditions. This indicates that the asset is not overbought or oversold. 

The future Chainlink outlook looks promising if this trend continues, with potential to test the next key resistance levels at $14.00 and $16.00.

Nevertheless, should the bears assume control, Chainlink price may experience a fall to the support level of $12.00. In case this level is broken, the second level could be at $11.00.