Chainlink Price Outlook: LINK Pushes Higher After Bitwise ETF Filing
Chainlink (LINK) is drawing heightened attention this week, not only from traders watching its technical setup but also from institutional investors after Bitwise Asset Management filed a preliminary S-1 with the U.S. Securities and Exchange Commission (SEC) to launch the Bitwise Chainlink ETF.
If approved, the product would give traditional investors regulated access to LINK, the native token of the Chainlink oracle network, further cementing its place among top-tier crypto assets.
LINK ETF Filing Adds Institutional Momentum
According to the filing, the proposed trust’s objective is to mirror LINK’s spot market value. Coinbase Custody Trust Company is named as custodian, while Coinbase, Inc. would serve as prime execution agent.
Shares are expected to list on a U.S. national exchange, though the specific venue has not been disclosed.
The filing outlines standard creation and redemption mechanics and introduces a “Trust-Directed Trade†process that allows for both in-kind and cash transactions. Notably, the ETF makes no mention of staking LINK, despite the SEC’s recent clarification that staking does not violate securities laws. Instead, it is structured as a pure spot market exposure vehicle.
The move comes amid a wave of single-asset crypto ETF proposals as issuers expand beyond Bitcoin and Ethereum. Earlier this week, Grayscale filed to convert its Avalanche Trust into a spot AVAX ETF. Bitwise CIO Matt Hougan has previously called Chainlink one of the “cleanest†crypto plays, citing its pivotal role in powering tokenization and decentralized finance (DeFi) through its decentralized oracle infrastructure.
Technical Picture: Resistance Looms Overhead
On the charts, Chainlink has been recovering from recent dips and is now pressing against resistance zones.
The token is trading above its short- and medium-term moving averages, suggesting that near-term momentum remains on the bullish side.
The MACD remains positive, confirming buying pressure, though its histogram points to a slowing pace of gains. The RSI sits in the mid-60s, reflecting strong demand without yet hitting overbought levels.
LINK/USD daily chart (Source: GeckoTerminal)
Key resistance lies at $25.17 and $25.42, with a more decisive barrier near $26.67. A breakout above these levels could open the door toward the $30 mark, which also coincides with a large order book ask wall. Support rests at $22.61, $22.12, and $22.08, levels that traders will watch closely if momentum stalls.
Order Book Insights
Market depth provides further context for potential price action. A substantial bid wall at $22.50 (~$860K USDT) offers short-term stability, but if broken, LINK could see a 5.7% decline toward deeper support levels. Larger liquidity cushions sit at $18.00 and $15.00, though their loss would imply far more severe declines of 25% and 37% respectively.
On the upside, bulls face an ask wall at $26.50 (~$872K USDT). Clearing this could trigger an advance toward $30.00, where a massive $3.7M USDT wall awaits. Surpassing it could fuel further gains to $32.98, implying potential upside of nearly 40% from current levels if institutional momentum spills over into trading activity.
LINK Trading Outlook
For long traders, attractive entry zones lie on dips near $23–$23.50, with targets set around $25.40, $26.70, and potentially $30 if the ETF narrative strengthens market sentiment. For shorts, failed breakouts at $25.40 or $26.50 could serve as opportunities to target the $23 support area, though bearish conviction would need to overcome the strong bid walls below.
The combination of a bullish technical structure and institutional tailwinds from Bitwise’s ETF filing paints a cautiously optimistic outlook for LINK. Traders will be closely watching both order book dynamics and regulatory developments to gauge whether the next leg higher is imminent.
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