Key Takeaways
- Grayscale Files Form S-1 with the US SEC for Chainlink (LINK) ETF.
- On-chain metrics reveal that 70.80% of traders on Binance are taking long positions.
- LINK broken out of a bullish chart pattern and eyes a 17% rally if it holds above the $22.70 level, else invalidated.
Chainlink (LINK) breaks out of a bullish pattern, opening the door for a price reversal after a prolonged downtrend. This breakout follows a strong surge in crypto investor interest, while asset management giant Grayscale takes steps toward making LINK a regulated asset for traditional investors.
Grayscale Files S-1 for LINK ETF
On September 8, 2025, the asset manager filed a Form S-1 with the United States Securities and Exchange Commission (SEC) for a LINK Exchange Traded Fund (ETF). If approved, this ETF will become the first to track LINK’s price and would trade under the ticker GLNK, with Coinbase serving as the fund’s custodian.
This spot Chainlink (LINK) ETF filing by Grayscale highlights the growing institutional interest and confidence in the world’s 12th largest cryptocurrency.
This appears to be the primary catalyst for LINK’s price jump, and it is currently trading near $23. Meanwhile, strong interest from investors and traders has resulted in a 92% increase in trading volume over the past 24 hours.
On-Chain Metrics Signal Bullish Sentiment
On-chain analytics tool Coinglass reveals that the Binance LINKUSDT long/short ratio has jumped to 2.42, indicating strong interest among traders. The data also shows that currently 70.80% of traders on Binance are taking long positions, while 29.20% are in short positions.
It’s not just traders, but interest from investors and long-term holders has also heated up, as they have started accumulating LINK tokens. Coinglass data reveals that over the past 24 hours, $1.13 million worth of LINK has moved from exchanges to private wallets.
When combining these on-chain metrics, it appears that LINK has strong long-term potential.
Not just the spot Chainlink (LINK) ETF filing, but another catalyst behind the strong interest from investors and traders is the bullish breakout.
Chainlink (LINK) Price Action and Technical Outlook
According to TimesCrypto’s technical analysis, LINK has broken out of a prolonged bullish falling wedge pattern. On the four-hour chart, the asset appears to have been forming this pattern since August 2025, which has now concluded.
LINK price has not only broken the bullish pattern but also surpassed a key horizontal level at $23 and the 50-day Exponential Moving Average (EMA).
Based on the current price action, if LINK holds above the 50 EMA and the $23 level, it could see a 17% leg up, potentially reaching $27. However, the asset may face resistance at $24, which appears to be a barrier that could slow its upward movement.
LINK’s Relative Strength Index (RSI) stands at 55, suggesting that the asset is neither overbought nor oversold, though investor and trader activity could influence the trend.
