Bitwise Files Chainlink Spot ETF as LINK Tests $23–$24 Retest Zone

Chainlink (LINK) has recently broken out of a multi-year descending triangle pattern, a move that has sparked renewed bullish sentiment among traders and analysts. The breakout has triggered a retest near the $23–$24 range, where the price is expected to consolidate before potentially advancing toward higher Fibonacci levels. Analyst Ali has outlined a stepwise price roadmap, suggesting potential targets of $38, $54, and ultimately $92–$100 if the breakout structure remains intact into 2026 [2]. The immediate retest is viewed as a crucial phase for market validation, allowing weaker hands to exit while reinforcing the foundation for a potential sustained rally.

Currently trading at $23.12, LINK has seen a 7.75% decline in the past 24 hours, with a trading volume of $1.77 billion. The token has dropped 4.54% over the past week, reflecting ongoing volatility as the market digests the breakout. To maintain the bullish setup, the price must remain above the reclaimed trendline; a failure to do so could see the price retreat to $19–$20, invalidating the broader bullish narrative [2]. Volume dynamics are also a key indicator of the breakout’s health—expanding volume on upward moves and contracting volume during pullbacks would confirm a strong and sustained breakout pattern [2].

The potential for LINK to reach $100 is ambitious but not without precedent. Analysts argue that such a move would require the token to first reclaim key price levels such as $30 and $40. A successful retest of the 2021 high near $52 could then set the stage for a more substantial price increase. The 0.786 Fibonacci extension is currently around $36–$38, followed by the 1.0 extension near $52–$54. If buyers maintain control at these levels, the next target would be the 1.272 extension, which could bring the price into the $92–$100 range [2].

Recent market developments have added to the growing optimism around LINK. Bitwise Asset Management recently filed for a Chainlink spot ETF with the U.S. Securities and Exchange Commission (SEC), a move that could significantly expand the token’s investor base. The ETF structure excludes staking to avoid regulatory complications and is facilitated by Coinbase Custody and Coinbase, Inc., offering traditional investors a streamlined way to gain exposure without navigating the complexities of crypto wallets or exchanges [1]. This filing has sparked increased market sentiment, with the token currently trading near $23.68 and maintaining support above the 20-day moving average and the middle Bollinger Band [2].

The ETF filing is seen as a turning point for Chainlink, signaling a shift toward more institutional-grade investment vehicles. Unlike speculative price surges driven by social media hype, the introduction of a regulatory-approved product brings greater legitimacy and liquidity to the token. This development could serve as a catalyst for long-term capital inflows, particularly as Chainlink continues to expand its role as a key oracle provider in decentralized finance (DeFi) and tokenized asset ecosystems [5]. The broader tokenization narrative, combined with improved market accessibility and reduced regulatory ambiguity, positions LINK to benefit from the next crypto bull cycle [2].

Source:

[1] Bitwise Files S-1 for Chainlink Spot ETF Amid Growing Institutional Interest, AInvest, https://www.ainvest.com/news/bitcoin-news-today-bitwise-files-1-chainlink-spot-etf-growing-institutional-interest-2508/

[2] Chainlink (LINK) Price Action and Chart Analysis, CoinMarketCap, https://coinmarketcap.com/cmc-ai/chainlink/latest-updates/

[3] Chainlink's Price Prediction: Is $100 a Realistic Target?, CryptoRank, https://cryptorank.io/news/feed/0c8bf-link-price-prediction-can-chainlinks-etf-push-link-toward-dollar100

[4] Can Chainlink's ETF Push LINK Toward $100?, CryptoTicker, https://www.cryptoticker.com/chainlink-etf-analysis/

[5] Institutional Adoption and the Future of Chainlink, Bitget, https://www.bitget.com/price/chainlink