Key Insights:
- Chainlink price surged after Bitwise’s spot LINK ETF received approval from NYSE Arca.
- Technical charts showed LINK price holding a bullish retest near the $13 support zone.
- A breakout above $16 may open the door to higher resistance areas.
Chainlink price rose after receiving news that Bitwise’s Chainlink ETF has been cleared for listing. The approval will move the focus away from speculations to structure and near-term technical levels.
Traders are now evaluating if the ETF catalyst can maintain the momentum above significant resistance.
Bitwise ETF Approval Reshapes Chainlink Narrative
Chainlink gained attention after Bitwise received approval to list its spot Chainlink ETF on NYSE Arca. The exchange verified registration under the Exchange Act of 1934.
The product will trade on the ticker symbol CLNK and will directly hold LINK tokens. This structure allows investors to gain price exposure without the need to manage private keys.
The ETF does not incorporate staking at launch. However, Bitwise is planning to seek approval for staking as a secondary objective.
The fund has a management fee of 0.34%. Bitwise will waive sponsor fees on the first $500 million for three months.
The approval puts LINK in the small group of altcoins with US-listed spot products. It follows the recent conversion of Grayscale’s Chainlink Trust into a spot ETF.
That competing product has already reached $87.5 million in assets. The development strengthens institutional interest outside Bitcoin and Ethereum.
Chainlink price was trading around $14 at the time of press, an increase of about 7.5% in 24 hours. The move coincided with an overall crypto rebound, spearheaded by Bitcoin, which reached nearly $96,000.
Chainlink Price Holds Breakout Retest After ETF Catalyst
On the lower timeframes, Chainlink price showed a constructive reaction to the news. Several charts illustrated a successful retest of the former resistance that had turned into support.
Analysts from Crypto Jobs TA saw a bullish retest near the $13.00 area. LINK Price respected an ascending trendline that has guided action since late December.
This zone also corresponds with a horizontal band of support from a previous consolidation. Holding this level maintains short-term structure.
The reaction candle shows an expanding range with a limited downside wick. That behavior tends to represent acceptance rather than rejection.
Immediate upside targets are clustered between $15.60 and $15.80. This area is a prior supply area going back to November trading.
A break above that range would reveal higher resistance near $16.00. Failure would likely send the price back into the $12.50-$13.00 demand area.
Daily Chainlink Price Chart Shows Compression Below Resistance
Zooming out, the daily chart showed a longer phase of consolidation. Chainlink price has been trading below a descending resistance line since September.
Crypto WZRD pointed out how LINK closed bullish on the day timeframe. However, price is still under a trendline resistance ceiling.
That trendline crosses at about the $16.00 level. A close above it daily would indicate a structural shift.
Support is well defined near $12.00. This level has been repeatedly absorbing sell pressure since December. The present range is suggestive of accumulation rather than distribution.
Volume has settled down after the spike due to the ETFs. If the dominance of Bitcoin weakens, LINKBTC could strengthen.
Broader Structure is Bullish, but Confirmation is Needed
Higher timeframe charts suggest an improving but incomplete setup. Chainlink price remains above its rising long-term support line.
The market structure looks like a base formation following a long downtrend. ETF approval is a fundamental layer of this technical base.
However, analysts emphasized that confirmation is more important than headlines. A sustained close above $16.00 is required to confirm the expansion. Above that level, resistance is approaching $20.00. This zone topped the last impulsive rally.
Below the price, $12.00 support remains the key invalidation point. A breakdown there will weaken the bullish trend.
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