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Cryptocurrency News Articles
Chainlink (LINK) Price Skyrockets 7% as Speculations of a Chainlink ETF Gain Traction
Sep 20, 2024 at 05:37 am
Chainlink (LINK) price has gained momentum following the recent TOKEN2049 event. Moreover, speculations of a Chainlink ETF are gaining traction, especially following the launch of the Grayscale XRP trust.
Good morning, traders.
Chainlink (LINK) price has shown promising gains following the recent TOKEN2049 event and amid speculation regarding a Chainlink ETF.
Here are the highlights to watch for in today's market analysis:
institucional interest in tokenized real-world assets (RWAs) has also contributed to LINK's positive price action.
Surging institutional interest in cryptocurrencies and related assets has been a key factor driving market trends in 2023.
Institutions are increasingly exploring Web3 and DeFi to enhance their offerings and cater to evolving customer demands.
Chainlink's technology has reportedly powered $15.49 trillion in DeFi transaction value since 2022.
This massive contribution to the DeFi ecosystem further strengthens institutional interest in LINK.
Market analysts have expressed optimism regarding a potential Chainlink ETF, particularly after Grayscale launched an XRP Trust.
This development has sparked speculation that Chainlink could be next in line for an ETF offering.
As XRP's trust signifies regulatory confidence in certain assets, investors are hoping for a similar outcome for LINK.
Social media posts from crypto analysts also reflect this bullish sentiment toward a LINK ETF.
Crypto investors like Kyle Chassé and Frogman have hinted at a possible surprise in the works for many in the market, suggesting that an ETF could catch many off-guard.
21Shares, one of the largest players in the crypto ETF sector, already offers a LINK ETP with over $10.72 billion in assets under management (AUM).
However, the product's YTD performance has been lackluster, with a decline of over 28%.
21Shares also holds substantial LINK tokens and has integrated Chainlink's Proof of Reserve technology into its existing ETF offerings.
This further fuels speculation that LINK is being positioned for an ETF debut.
The rising enthusiasm follows positive market performance, with LINK surging by 7% recently.
This adds to the growing belief that institutional interest and Chainlink's broader ecosystem developments could soon manifest in a regulated financial product, such as an ETF.
At TOKEN2049 Singapore, Chainlink co-founder Sergey Nazarov shared his expansive vision for the future of the blockchain space, particularly regarding the integration of real-world assets into Web3.
Nazarov predicts that the value of tokenized RWAs will eventually exceed that of cryptocurrencies.
He highlighted TradFi institutions as the largest potential customers of DeFi, with increasing interest from the traditional finance sector in using blockchain to tokenize assets ranging from real estate to more advanced financial products like carbon credits and private equity.
One key technology enabling this shift is Chainlink's CCIP, which Nazarov described as a bridge between central bank digital currencies (CBDCs), public blockchains, and private financial networks.
CCIP allows for seamless value transfers across chains, enhancing interoperability between legacy systems and blockchain.
As legal barriers ease, especially in Asia and the Middle East, trillions may enter Web3.
The potential influx of institutional capital and tokenization positions Chainlink at the convergence of DeFi and TradFi.
The LINK USD pair has formed a bullish technical setup called the 'falling wedge.'
Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal.
The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.
The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.
According to technical analysis rules, the LINK USD conversion rate might rally over 177% from its current level to reach the pattern's projected target of around $31.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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