The Chainlink price has once again attracted attention as it attempts to build on recent strength. At the time of press, LINK price trades at $23.23 after gaining 4.1% in the past 24 hours. This recovery comes after weeks of consolidation, with the market seeking confirmation of a larger directional move. While short-term charts hint at a potential continuation, broader catalysts could influence whether this leg sustains further gains.
Bull Flag Revival: Chainlink Price Eyes 48% Rally Toward $34
The LINK price chart reflects a bullish setup forming after weeks of consolidation, with a descending wedge structure now pointing toward continuation. A market analyst highlighted that the last breakout from a similar pattern triggered an 80% rally, fueling expectations of another comparable leg.
Currently, LINK price has defended the $22 zone repeatedly, suggesting firm demand at lower ranges. Meanwhile, resistance remains visible near $26, with a further extension toward $34 if bullish momentum extends.
The trading volume has surged by 65.10% to $1.66 billion, adding weight to the breakout thesis, according to CoinGlass analytics. This spike in participation coincides with rising confidence across the market, reinforcing the bullish undertone.
Price stability above $21 remains important to sustain optimism, as slipping below that mark could invalidate the setup. Still, both the chart structure and market behavior align closely with bullish continuation patterns.
Therefore, the possibility of a 48% rally has become a focal point, as per the analyst’s projections. This strengthens the outlook for a Chainlink price prediction 2025, where higher valuations could be realized if conditions persist.
Grayscale ETF Filing Fuels LINK Frenzy as Open Interest Surge
The Grayscale’s recent S-1 filing for a Chainlink ETF has amplified interest around LINK price, as it seeks to convert its existing trust into a spot ETF. This filing, coming just weeks after Bitwise submitted its own application, has injected renewed optimism into the Chainlink ecosystem.
Following the announcement, open interest climbed by 7.16% to $1.68 billion, reflecting increased positioning from derivatives traders. The surge highlights a growing conviction across both leveraged and spot markets.
While the SEC process for approval remains uncertain, historical ETF narratives have often fueled speculative inflows well before any final decision. Therefore, the timing of this filing, combined with the existing bullish technical structure, makes the case even stronger.
Many see the ETF narrative as a potential catalyst that could extend the bullish cycle deeper into Q4. With participation metrics strengthening in parallel, sentiment now appears well-positioned for sustained upside.
Conclusively, LINK price continues to display strength with a promising technical setup. The ETF filing adds a new layer of optimism for investors. Surging open interest and trading volume provide further confirmation of conviction. With a 48% rally projection aligning with these catalysts, Chainlink price appears primed for a powerful upside extension.
Frequently Asked Questions (FAQs)
A 65.10% rise in volume to $1.66B reinforces bullish setups and signals stronger conviction.
It could bring institutional exposure, boosting both market participation and long-term adoption.
Open interest surged by 7.16% to $1.68B, signaling stronger positioning in derivatives markets.
Coingape Staff
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