Key Points
- LINK climbs nearly 6%, currently trading above $23 per token.
- Grayscale has filed to convert its existing LINK trust into an ETF under the ticker GLNK, which could include staking if approved.
Grayscale Files to Convert Its LINK Trust into an ETF
Digital asset manager Grayscale has submitted an application with the U.S. Securities and Exchange Commission to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF). In an S-1 registration statement filed with regulators on Monday, Grayscale said the proposed ETF would trade on the NYSE Arca under the ticker GLNK if the conversion is approved.
The filing also describes a potential staking feature. If approved, the ETF would engage third-party staking providers while holding LINK tokens in a custodial wallet. Grayscale explains that staking rewards could be retained by the ETF and distributed to stakeholders or sold to cover expenses.
With Altcoin Strength, LINK Eyeing $27
The LINK/USD 4-hour chart looks bullish but shows signs of inefficiency as altcoins have rallied since earlier this week. LINK is trading above $23, with the immediate target focused on recent highs.
The RSI sits around 63, indicating LINK is approaching overbought territory, while MACD lines remain in bullish territory. If momentum continues, LINK could reach the August 22 high near $27.94. There is a possibility of a short-term pullback to about $22 to improve market efficiency before resuming an upward move. Should the rally persist, LINK could test the psychological $30 level in the coming days or weeks.
On the downside, a broader market correction could prompt LINK to retest support near TLQ and the $21 level. If that support fails, LINK risks dropping below $20 for the first time in more than four weeks.