Chainlink price continued its strong rebound as market participants cheered the recent LINK ETF launch and the strong inflows.
Summary
- Chainlink price has rallied by 25% from its lowest level this month.
- The recently launched LINK ETF has accumulated over $41 million in inflows.
- Technical analysis suggests that the token has more upside to go.
Chainlink (LINK) token rose by 7% today, Dec. 3, reaching a high of $14.50, its highest level since Nov. 14. It has soared by over 25% from its lowest level this month.
LINK token soared as Grayscale’s GLNK ETF attracted over $41 million in inflows on the first day. This is a significant number considering that the Canary Hedera ETF has attracted $82 million in inflows since its approval in October.
Similarly, the spot Litecoin ETF has had $7.67 million in inflows, while the two Dogecoin funds have achieved $2.68 million. This growth is likely because Chainlink is one of the most important players in the cryptocurrency industry.
Chainlink provides oracles to the largest DeFi networks, such as Compound and Aave. Its total value secured in DeFi is nearly $60 billion, giving it a market share of over 70%.
It is also a big name in the fast-growing real-world asset tokenization industry, where it is used by companies like JPMorgan, Janus Henderson, and Swift.
LINK’s price also soared as exchange supply tumbled to its lowest level in months. It has dropped by 28% in the last six months to 217.7 million tokens, a sign of increased accumulation. Whale holdings have risen by 15% in this period to 2.92 million LINK tokens.
Chainlink price technical analysis points to a jump to $20
The daily chart shows that the LINK token price has rebounded in the past two days. This rebound occurred after the token formed a double bottom at $11.56 and a neckline at $13.5.
Chainlink’s price has also formed a large falling wedge pattern, composed of two descending, converging trendlines. It has already moved above the upper side of this pattern, while the Average Directional Index remains at 32, a sign that the momentum is strong.
Therefore, a move above the $15 resistance will confirm the bullish outlook and point to further gains, potentially to the psychological $20 level. The bullish LINK price forecast will become invalid if it drops below the double-bottom point at $11.50.
