An analyst has spotted the formation of a falling wedge pattern on LINK’s BTC pair.
The first US spot Chainlink Exchange Traded Fund (ETF) could be launched this week as asset manager Grayscale Investments makes progress with its application. According to the information shared by the founder of the ETF Institute, Nate Geraci, this approval would enable Grayscale to fully uplist or convert the Chainlink private trust to an ETF.
Interestingly, this latest update follows a recent post by Bloomberg ETF analyst Eric Balchunas, who predicts that approximately 100 spot ETFs could likely enter the market in the next six months. Additionally, he anticipates the launch of five new spot crypto ETFs within the next six days. Specifically for the spot Chainlink ETF, Balchunas believes that a decision on its approval could be made on December 2.
It can be recalled that Grayscale filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) in September with a proposal to provide direct exposure to the price of LINK.
In that application, it was stated that the proposed fund would take after the structure of the spot Bitcoin ETF and its Ethereum counterpart by ensuring that share creation and redemption are processed in cash. Once approved, the fund would be listed on NYSE Arca under the ticker symbol GLNK.
The “ETF journey” has been an interesting one so far after the SEC announced a new disclosure guidance that supports better compliance and faster review. According to earlier reports, issuers including Fidelity, Canary Capital, Bitwise, Grayscale, and others had to file amended S-1s for underlying assets, including Solana. Today, ETFs for some major altcoins like XRP have already launched and are recording positive flows.
According to reports, the likes of Grayscale Dogecoin ETF, Grayscale XRP Trust, Bitwise DOGE ETF, and Franklin XRP ETF could all be launched this month.
The Price of LINK is still struggling to overturn the ongoing bearish run as it records declines across all the major trading sessions. At the time of writing, LINK was trading at $12.17, and was down by 6% in the last 24 hours, 3% in the last seven days, 29% in the last 30 days, and 48% in the last 90 days.
Recently, an analyst identified as WorldOfCharts pointed out the formation of a falling wedge pattern on the LINK’s BTC pair. The analyst noted that the price has been tightening in the structure and is currently hovering below the breakout zone. Once it successfully breaks the wedge, WorldOfCharts believes that LINK could rise to $20.
Echoing a similar sentiment, an analyst called Lord Hydra has also disclosed that LINK is currently at the same level as Amazon (AMZN) in 2007/2008.
Amidst the backdrop of these technical projections, Grayscale has highlighted that Chainlink “will anchor the entire tokenization market”. It is important to note that this market is already valued at around $35 billion and is still growing.
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