What to know:
- Chainlink (LINK) price is showing a bullish double-bottom pattern after defending the critical $8–$9 support zone twice.
- LINK breakout above $12 resistance could confirm the reversal pattern and potentially open the path toward the $15 target.
- Grayscale continues accumulating LINK, with its GLNK ETF reportedly purchasing 132,950 tokens worth about $1.53 million.
Chainlink (LINK) shows a bullish double-bottom setup following support defense, with a breakout above key resistance potentially opening a path toward higher targets. Institutional confidence remains evident as Grayscale continues expanding its holdings, further bolstering overall market sentiment and investor outlook.
At the time of writing, LINK is trading at $11.72 with a 24-hour trading volume of $1.14 million and a market capitalization of $8.77 billion. Following the 2.68% gain over the last 24 hours, the LINK price structure and institutional accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Chainlink Price Breaks Key Resistance as LINK Targets $15
Chainlink Double Bottom Signals Breakout to $15
According to the crypto analyst Crypto With Gopal, Chainlink (LINK) is showing a potentially bullish technical setup after forming a double bottom around the $8–$9 zone.
Buyers have defended this support area twice, creating a stronger base and pushing the token higher. The recovery toward $12 resistance suggests momentum is improving, although confirmation still depends on a sustained breakout above that key level.
Source: Crypto With Gopal’s X Post
If LINK manages to break through $12 convincingly, this double bottom pattern would be seen as a reversal indicator with implications for bulls to become more confident in the trade.
Breaking out above $12 would be seen as an opportunity for LINK to head for its $15 target, but failing to regain control of $12 could see LINK range-bound between $8-$9.
Grayscale LINK Holdings Hit 10.66M After Purchase
The data from Onchain Lens further highlighted that the GLNK ETF from Grayscale is said to have purchased 132,950 more LINK tokens valued at about $1.53 million from Coinbase Prime.
With the most recent acquisition, the total amount of LINK tokens held by the ETF increases to about 10.66 million tokens. This could prove beneficial in building investor confidence amid the close watch on LINK token demand from institutions.
Source: Onchain Lens’s X Post
The ETF is believed to be holding an asset of about $124.16 million as per the above figures. Even though one buy order cannot be enough to ensure continued rallying, continuous buying may indicate increased institutional interest in Chainlink.
The market participants will now observe whether Grayscale will continue to increase their holdings of LINK in future orders.
Following the bullish price predictions and institutional adoption, the LINK price is moving in an upward direction. This move is also backed by the improving momentum in the crypto market as Bitcoin has started to move upward.
What Comes Next?
Chainlink (LINK) moving above $12 is needed for the LINK price breakout from its double bottom formation to take shape, reaching a target of $15 amid the growing accumulation from Grayscale.
Yet, being unable to move higher than $12 makes LINK trapped within its range, depending on $8-$9 support.
Also Read: LINK Price Targets $14 as Chainlink Gains Institutional Momentum
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment