Chainlink's LINK token saw a notable increase in price after Bitwise Asset Management filed for the first-ever Chainlink ETF in the US. This event hopes to attract institutional investors to one of crypto's critical tokens.
Market Reaction to ETF News
Following the filing for the ETF, LINK, now the 11th-largest digital currency, started trading around $24, showcasing fresh momentum. Before the ETF news broke, LINK had been trending downward, but the positive news allowed bulls to push the price 6% up from $22.9 in just a few hours.
LINK Price Movement Analysis
With the Relative Strength Index (RSI) still under the oversold region, there is potential for additional buying pressure to act on price, potentially pushing it toward $25. The current price has already broken the resistance provided by the 100 SMA (Simple Moving Average).
Future Prospects for Chainlink in Investments
Analysts point out that the possibility of an ETF with a specific focus emphasizes Chainlink’s increasing role in decentralized finance, NFTs, gaming, and cross-chain applications. If approved, it would grant Wall Street investors access to Chainlink, marking a significant advancement for oracle technology's acceptance in mainstream finance.
For Chainlink, the ETF filing not only indicates institutional interest but also confirms its increasing role as the backbone of blockchain infrastructure.
