Key Highlights
- LINK has surged 35% in the last month with technical analysts eyeing $15 as the next major target
- ETF products saw combined September inflows of $5.36 million through Bitwise and Grayscale offerings
- The token currently hovers around $11.50 with critical support established at $11.46
- Large wallet addresses added approximately 10.36 million LINK tokens worth roughly $120M following a recent price correction
- Breaking through the $12 resistance level could trigger a rally toward $13.30, $14, and ultimately $15
Chainlink (LINK) is currently changing hands at $11.57, reflecting a 1.36% decline over the last 24-hour period. Today’s price action has ranged from a low of $11.46 to a high of $11.80, while the token maintains a market capitalization of $8.65 billion alongside $307.47 million in daily trading volume.
The digital asset has posted impressive gains of 35% across the past 30 days, capturing interest from both individual traders and institutional players. Despite this recent momentum, LINK remains 78.05% below its historical peak of $52.70 reached in May 2021.
Market analyst Ali Charts highlighted on X that major holders appear to have strategically purchased during weakness after LINK corrected 17% from $13.68 down to $11.29. Within a 96-hour window, these large wallets scooped up approximately 10.36 million LINK tokens valued at around $120 million. According to Ali Charts, such concentrated buying activity following a sharp decline often signals that whales are setting up positions ahead of an anticipated recovery.
September Brings Fresh Capital Into LINK ETF Products
Exchange-traded fund vehicles tracking Chainlink experienced renewed interest at the start of September. Bitwise’s CLNK and Grayscale’s GLNK recorded inflows of $1.09 million and $4.27 million on September 9 and 10, respectively. Both products registered zero net flows on September 11.
Cumulative lifetime inflows across both ETF offerings now reach $151.76 million. The combined total net assets under management stand at $181.83 million, which accounts for approximately 2.10% of Chainlink’s overall market capitalization.
Grayscale’s GLNK continues to lead in asset size with $135.88 million under management. Bitwise’s CLNK follows with $45.95 million in assets.
Critical Price Zones for Traders
From a technical perspective, $11.46 serves as the most recent validated support level. Immediate resistance is positioned between $11.57 and $11.60, with an additional barrier at $11.80 just above.
The MACD histogram displays a modest positive value of 0.011, indicating that bearish pressure may be weakening. Meanwhile, the RSI reads 38.65, placing it above oversold territory but still lacking signals of robust buying momentum.
A decisive four-hour candle close above $12 would serve as an initial bullish confirmation. This would potentially clear the way toward the $13.30 swing high from earlier price action. Pushing beyond that level would direct attention to $14, followed by the $15 objective ā representing approximately 29% upside from current price levels.
Trader Moe pointed to a LINK/BTC chart revealing the trading pair is consolidating within a prolonged descending formation. The pair is currently positioned near a demand area that may function as a turning point, although no confirmed breakout has materialized yet.
The Chaikin Money Flow indicator registers -0.39, reflecting that selling volume has exceeded buying pressure during the recent timeframe. For improved near-term momentum, LINK must successfully recapture the $11.55 and $11.60 zones.
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