- Bitwise’s Chainlink ETF filing shows Wall Street is warming up to crypto beyond Bitcoin and Ethereum, boosting LINK’s importance.
- LINK trades near $23 but analysts expect a breakout toward $100 as strong support and tightening patterns signal a big move ahead.
- Chainlink’s role in connecting blockchains with real-world data makes it a top pick for investors betting on the tokenization boom.
Chainlink has entered the spotlight after Bitwise Asset Management filed for a spot Chainlink ETF with the U.S. SEC.
The filing arrived on August 25, sending strong signals about Wall Street’s growing appetite for single-asset crypto products beyond Bitcoin and Ethereum.
Bitwise confirmed Coinbase Custody as custodian and Coinbase, Inc. as the prime execution agent. The trust aims to track the price of LINK without adding staking rewards. Consequently, the ETF proposal positions Chainlink as a serious contender in the regulated crypto space.
Besides regulatory moves, the market spotlight also turned toward LINK’s current trading performance. The token trades around $23, marking a 55% drop from its all-time high of $52. However, traders remain optimistic.
Analyst CryptoElites recently stated, “My bull market portfolio isn’t complete without LINK. Mid-term target: $100.” This bold projection aligns with growing tokenization narratives and investor enthusiasm for decentralized oracle networks.
Technical Structure and Market Outlook
Moreover, LINK’s price chart shown by Crypto analyst Crypto Elites on X reveals a triangular consolidation pattern. A descending resistance trendline connects repeated peak rejections, while an ascending support line holds corrections.
Source: CryptoElites
This structure signals a tightening price range, pointing to a looming breakout. Recent candles show higher volatility near the apex, suggesting an imminent move in either direction.
Additionally, volume spikes during rejection and support tests confirm strong market participation. Horizontal support remains between $20 and $22, offering a critical cushion for traders. If LINK decisively breaks the descending resistance, the projected target points toward $100. Hence, this setup creates anticipation of a sharp directional shift.
Industry Expansion Beyond Bitcoin and Ethereum
Grayscale also filed to convert its Avalanche Trust into a spot AVAX ETF, underscoring widening institutional attention. Consequently, Bitwise’s decision builds on this momentum. CIO Matt Hougan recently called LINK one of the “cleanest” crypto plays.
This growing recognition reflects Chainlink’s role in connecting blockchains with real-world data, powering DeFi protocols and smart contracts.
TLINK stands at a crossroads. A breakout could validate bullish projections, while the ETF filing highlights its rising importance in mainstream finance.
