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LINK Chainlink's momentum is increasing, and large-scale purchases highlight institutional interest.
Chainlink's native token LINK has once again attracted the attention of the market due to the formation of technical forms and growing institutional interest. LINK currently trades at $11.72, up 2.68% in the past 24 hours. Its market value was US$8.77 billion, and trading volume reached US$1.14 million during the same period.
Can LINK break through the US$12 resistance level?
expert Crypto With Gopal pointed out that LINK has formed a double bottom pattern in the US$8 to US$9 range, implying a potential bullish reversal. This pattern emerged because buyers continued to stick to this support area, helping to build a more solid foundation.
Kinetic energy appears to be building as prices recover near $12 resistance. However, continued breakthroughs above $12 are crucial to confirming this bullish outlook. If LINK can stabilize above that level, the $15 target will become more feasible.
Crypto With Gopal emphasized that the double-bottom structure in the US$8 to US$9 range may signal a reversal of LINK, but he also pointed out that the key to confirming this outlook is whether prices can continue to exceed US$12.
If LINK fails to break through the US$12 barrier, LINK may fall back to its previous US$8 - 9 range. Therefore, the short-term focus remains on whether this resistance level can be overcome.
Grayscale Significant Buying: A Signal of Institutional Interest?
The latest data from Onchain Lens shows that Gray's GLNK ETF purchased approximately US$1.53 million worth of LINK through Coinbase Prime, totaling 132,950 tokens. The purchase increased the fund's total holdings to approximately 10.66 million LINK.
Gray, known for its digital asset investment products, currently manages GLNK ETF assets worth approximately US$124.16 million. Although a single purchase does not ensure continued price increases, continuous acquisition activity has been closely watched as an indicator of institutional demand.
Onchain Lens's report shows that the GLNK ETF purchased an additional 132,950 LINK tokens through Coinbase Prime, increasing its total holdings to approximately 10.66 million.
Bitcoin's rise has also increased investors 'risk appetite for the entire cryptocurrency market, providing a favorable environment for LINK's bullish outlook. Investors will pay close attention to whether Gray will make further acquisitions and whether LINK can hold above $12, both of which will affect its potential move towards $15.
- LINK forms a double bottom pattern, implying a potential upward trend.
- Gray's acquisition has increased institutions 'interest in LINK.
- The technical outlook depends on whether LINK can break through the $12 resistance level.
- Market trends, especially the rise of Bitcoin, have created positive market sentiment.
In the current cryptocurrency market dynamics, technical analysis and major institutional transactions work together to provide the foundation for Chainlink's future trend. As traders evaluate these indicators, whether LINK can maintain its upward trajectory will depend on whether it can break through key resistance levels and continue to observe investments from key players such as Gray.
