Chainlink targets 46 USD amid whale buying spree and ETF inflows

Right after Grayscale’s first Chainlink ETF officially launched yesterday, the market recorded a strong wave of interest from investors, with total inflows exceeding $42 million on the very first day.

This event has brought the Chainlink data infrastructure token back into the spotlight of the cryptocurrency market, especially after an impressive 7.6% increase over the past week.

Experts predict LINK could reach $46

According to the latest analysis from a leading expert, Chainlink (LINK) is facing a strong growth opportunity, with a price target set at $46. This expert believes that if LINK maintains its current price range, the upward momentum could continue in the coming weeks.

Currently, Chainlink’s price is sitting just above a key support zone at $13, and this support level is still proving effective. This trendline has guided the market since 2023, with each touch sparking significant growth rallies.

The current market movement also shows that buying pressure is appearing at the right time, creating a positive response. The technical chart also indicates that LINK often accumulates for extended periods before breaking out strongly. The two most recent breakouts both resulted in gains of over 130%, and the current pattern is repeating a similar scenario.

LINK’s price is moving sideways, forming a solid base, and is now rebounding from the growth support zone. If LINK holds this price range and the crypto market remains stable, the potential for a stronger rally is entirely possible.

According to technical analysis, the upper boundary of the long-term upward channel is around $46, matching the next price target. While this is a big leap, it is completely in line with LINK’s performance in previous cycles.

Chainlink price prediction chart by BitcoinsensusAs long as this trendline remains protected, LINK’s growth outlook will be maintained. At this point, Chainlink is at a crucial threshold—if it can hold the $13 level, the bullish structure will continue, opening up opportunities for the next strong rally.

Chainlink ETF: Inflows reach $42 million

Grayscale has just officially launched its first Chainlink ETF in the US, trading under the ticker GLNK, and had an impressive debut. The fund attracted nearly $42 million on its first day alone. Bloomberg ETF analyst James Seyffart called this “a very successful launch for a new product.”

He added that the fund currently holds $64 million in assets and has recorded solid trading volume. Seyffart emphasized that this launch is even more notable given that the crypto market has gone through a difficult period over the past one to two months.

Source: XThis is Grayscale’s first Chainlink ETF in the US, using an ETP structure instead of a traditional ETF under the 1940 Act. This allows investors easier access to Chainlink. Grayscale stated that this move is part of their strategy to expand access to important crypto assets, serving tokenization and data oracles.

Additionally, Bitwise is also preparing to launch a Chainlink ETF, with the ticker CLNK appearing on the DTCC system last month. However, this is only an administrative step and does not mean the ETF has been fully approved. Unlike most current funds, GLNK directly holds Chainlink’s native tokens, giving investors direct exposure to the core project in the on-chain data infrastructure sector.

However, Grayscale also warns that this product carries higher risk and should not be considered a traditional ETF.

Mr. Giao