Chainlink price held steady on Wednesday as the crypto market rebounded and as traders reacted to the launch of the Bitwise LINK ETF. LINK also rose as the supply of tokens in exchanges tumbled, and as the Elliot Wave pointed to more gains.
Chainlink Crypto Price Steady as Catalysts Rise
LINK price has stabilized in the past few days as investors reacted to the launch of the Bitwise LINK ETF. It has joined the existing Grayscale Chainlink ETF (GLNK), which has accumulated over $63.79 million in inflows. It has over $87 million in net assets.
Therefore, the hope is that the new Bitwise LINK (CLNK) ETF will see more demand from American investors. That’s because Bitwise has been highly successful in its crypto ETFs, with its Bitcoin and Ethereum funds having over $3.8 billion and $440 million. Its XRP and Solana funds have accumulated $317 million and $777 million in assets.
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Chainlink is also benefiting from the ongoing Strategic LINK Reserves accumulation. These reserves now have 1.5 million tokens worth over $21.4 million. This growth will likely continue in the coming months as Chainlink’s use continues.
All this is happening at a time when the supply in exchanges has plunged in the past few months. It has moved to the current 129.3 million tokens from nearly 200 million in 2023.
Chainlink is benefiting from the growing adoption in areas like decentralized finance (DeFi) and real-world asset (RWA) industries, that is expected to keep growing in the near term. Data shows that the market cap of tokenized assets has jumped by 4.2% to over $16.8 billion.
Chainlink Price Prediction: Technical Analysis
The weekly chart shows that the LINK token has moved sideways in the past few days. This consolidation is happening at the lower side of the ascending channel. It has always rebounded whenever it retested this channel.
At the same time, the coin has recently concluded the CD section of the Elliot Wave pattern. This means that it may soon start the DE section, which is usually a bullish one. If this happens, the next key level to watch will be at $27, its highest point in August last year.
This target is about 96% above the current level. On the other hand, a move below the lower side of the channel will invalidate the bullish LINK price forecast.
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