Chainlink Faces Key $16.50 Barrier Amid ETF Approval Competition

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Chainlink Faces Key $16.50 Barrier Amid ETF Approval Competition

Bitget-RWA2025/11/14 04:30

By:Bitget-RWA

- Chainlink’s LINK token trades in a $13–$26 range, stalled near $16.50 resistance amid profit-taking. - Bitwise’s Chainlink ETF (CLNK) appears on DTCC registry, signaling regulatory progress ahead of SEC approval. - Technical analysts highlight $17.65 as a key breakout threshold, with potential targets at $22.47–$47. - Institutional partnerships and $89B TVS underscore Chainlink’s market credibility amid ETF competition. - SEC’s auto-effective rules and Bitwise’s simplified structure may expedite approval

Chainlink’s native asset,

LINK

, has been fluctuating within a narrow band between $13 and $26, as traders and analysts keep a close eye out for signs of a breakout. The token recently climbed to $16.13, marking a 5.2% gain in a single day, but encountered resistance near $16.50

as some investors took profits

. According to CoinDesk Research’s technical team,

although the rally began with notable strength

, the inability to maintain levels above $16.50 suggests the momentum may be fading in the short term. This period of price consolidation has coincided with heightened institutional interest, especially surrounding the proposed Bitwise

Chainlink

ETF (CLNK), which has

now been listed on the Depository Trust and Clearing Corporation (DTCC) platform

. While this step does not guarantee approval from the U.S. Securities and Exchange Commission (SEC), it is

generally viewed as an early indicator of a possible launch

The DTCC registration, which

demonstrates the ETF’s operational preparedness

, highlights the increasing demand for regulated investment options in altcoins beyond

Bitcoin

and

Ethereum

. Bitwise’s application, which

seeks to mirror LINK’s price without offering staking rewards

, differs from Grayscale’s rival Chainlink ETF, which may feature yield-generating staking. Some analysts believe Bitwise’s more straightforward approach could speed up regulatory clearance, especially since the SEC has

simplified the approval process for crypto ETFs

. Still, progress has been hampered by the ongoing government shutdown, which has

reduced the SEC’s ability to process outstanding filings

Technical analysis points to a potential decisive move for Chainlink’s price. Experts at Phemex noted that LINK has remained above the crucial $13 Fibonacci support, and a breakout past $17.65

could open the door to targets at $22.47

, $26, and possibly $47. Meanwhile, analysts such as Ali Martinez stressed the need for confirmation through trading volume,

stating that a consistent rise above $18.60 would support a bullish outlook

. On the other hand, if LINK falls below $13, it could

prompt further downward movement

, potentially testing the $11.60 mark.

The ETF’s regulatory journey has also attracted institutional attention. Interlink Electronics, a publicly listed company trading under the symbol LINK, reported an 11% year-over-year revenue increase for Q3, though its business is unrelated to the cryptocurrency. The shared ticker has occasionally led to confusion in discussions, but the spotlight remains on Chainlink’s blockchain-powered

oracle

network, which has

locked in $89 billion in total value secured (TVS)

and commands 68% of the Ethereum oracle sector. Collaborations with companies such as SBI Digital Markets and UBS Asset Management have further enhanced Chainlink’s reputation among institutions.

Although the DTCC listing is encouraging, the approval process is still ongoing. Bitwise is required to

submit Form 8-A to the SEC

, which is the last step before trading can commence. The S-1 registration filed in August

detailed the company’s plan to launch a fund

that tracks LINK’s price and avoids staking complexities. In contrast, Grayscale’s proposal, which incorporates staking,

is subject to more intense regulatory examination

. Observers point out that the SEC’s recent rule changes—allowing certain ETFs to list automatically without individual reviews—

may favor Bitwise’s uncomplicated structure

The broader market for altcoin ETFs is also gathering

traction

. In addition to Chainlink, applications for

Solana

(SOL),

Dogecoin

(DOGE), and

Litecoin

(LTC) have

progressed, signaling a trend toward broader crypto investment options

. Should it receive approval, the Chainlink ETF could

boost LINK’s liquidity

, especially as more institutions embrace oracle technologies. Nonetheless, traders remain wary, as LINK’s 24-hour trading volume

dropped by 17.69% as of November 12

As the market anticipates a clear breakout, the interaction between technical price points and regulatory updates will likely shape Chainlink’s next direction. With the SEC expected to resume full operations soon due to an upcoming funding bill, the near future could provide more certainty for both the ETF and LINK’s price movement. For now, investors should keep an eye on major support and resistance levels, as well as the SEC’s decision regarding Bitwise’s application.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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