Chainlink (LINK) Price: Grayscale Files ETF Application as Token Trades at $23

Chainlink’s price is gaining momentum after weeks of consolidation, with recent developments bringing renewed attention to the popular oracle network. At press time, LINK trades at $23.23, having climbed 4.1% in the past 24 hours with a market cap of approximately $15.67 billion.

The most recent catalyst for LINK’s price movement is Grayscale’s S-1 filing for a Chainlink ETF with the Securities and Exchange Commission. The proposed ETF would be listed on NYSE Arca under the ticker $GLNK.

This filing marks a major development for Chainlink’s market presence. It comes just weeks after Bitwise submitted its own application for a Chainlink ETF.

Following the Grayscale announcement, market metrics have shown strong response. Trading volume surged by 65.10% to $1.66 billion, while open interest in LINK derivatives climbed by 7.16% to $1.68 billion.

These increases suggest heightened market participation and growing conviction among traders about LINK’s future price action.

From a technical perspective, LINK’s price chart displays a promising setup. The cryptocurrency has defended the $22 support level multiple times, demonstrating solid demand at lower price ranges.

Technical Outlook Shows Bullish Pattern

Chart analysts have identified a descending wedge pattern forming on LINK’s price charts. This structure often precedes bullish continuation moves in financial markets.

One market analyst pointed out that the last breakout from a similar pattern triggered an 80% rally for LINK. This historical pattern has fueled expectations for another comparable move.

The current technical setup suggests LINK could rally by as much as 48% from current levels, potentially pushing the price toward the $34 mark if bullish momentum continues.

Resistance remains visible near the $26 level, which would need to be cleared before any move toward higher targets.

The Relative Strength Index (RSI) for Chainlink stands at 51.30, just above the neutral 50 point. This indicates buying and selling pressures are nearly balanced, with neither side taking full control yet.

The Moving Average Convergence Divergence (MACD) shows some mixed signals, with the MACD line at 0.38632, below its signal line at 0.88012. This suggests some caution despite the positive price action.

ETF Filing Boosts Institutional Interest

The ETF filing represents a significant step for Chainlink’s mainstream adoption. If approved, the Grayscale Chainlink ETF would provide traditional investors with regulated exposure to LINK.

While the SEC’s approval process timeline remains uncertain, historical ETF narratives have often generated speculative inflows well before any final regulatory decisions.

Many market participants view the ETF narrative as a potential catalyst that could extend Chainlink’s bullish cycle deeper into Q4 of 2025.

The timing of this filing, combined with the existing bullish technical structure, strengthens the case for continued upside in LINK’s price.

Technical analysts are also monitoring for a breakout above the $24 level, which they consider a “green signal line” that could confirm a positive trend is underway.

looks like $LINK is cooking another bull flag rn.

First one sent it +80%… if it repeats, next leg takes it straight into $34+ territory. simple as that!

Time to assemble link marines.. pic.twitter.com/FevkCNjPcC

— Axel Bitblaze (@Axel_bitblaze69) September 8, 2025

LINK has completed three positive waves since the weekend low, according to some chart watchers. A full five-wave positive action pattern could materialize if momentum continues.

For the bullish outlook to remain valid, LINK must maintain price stability above the $21 mark. Falling below this level could invalidate the current setup.

The current price action around Chainlink comes as the oracle network continues to expand its use cases and adoption in the blockchain ecosystem.

LINK price now trades at $23.23 with increased trading volume and growing open interest following Grayscale’s ETF filing, as both technical indicators and institutional developments point to potential upside.