Bullish momentum for Chainlink (LINK) suggests potential surge towards $40, bolstered by the formation of a bull flag on the weekly chart.
In a significant move, Chainlink (LINK) has formed a partnership with SAB, a leading entity in Saudi Arabia, to enhance the kingdom's financial infrastructure. This collaboration, while not revealing specific details about the technology or solutions to be tested, marks a significant step in driving financial innovation in the region.
On the cryptocurrency market front, LINK is currently trading within a bull flag pattern on the weekly chart. This technical formation follows a strong move earlier this year and suggests a potential continuation of the uptrend.
Support on the intraday timeframe for LINK is set at $22.00. In the recent intraday movement, holding above $24.00 is being watched as a possible signal for a surge with a target of $26.50. However, $20 remains a support zone on the daily chart for LINK, providing a cushion in case of any short-term corrections.
Looking further ahead, if momentum returns on the daily chart, the next area to watch is $30. Meanwhile, the potential breakout targets for LINK are $35 and $40.
The bullish sentiment around LINK is not limited to the market alone. Caliber, a Nasdaq-listed firm, has purchased LINK tokens as part of its digital asset strategy. This move underscores the growing institutional interest in Chainlink.
In addition, Grayscale Investments has filed for a Chainlink ETF under the ticker GLNK. This move, if successful, would give investors access to LINK through a regulated fund structure without requiring direct token custody. Bitwise, which had submitted a similar proposal for a Chainlink ETF earlier, is also part of this trend.
Other asset managers like VanEck, 21Shares, Franklin Templeton, and REX Shares also have pending ETF applications involving altcoins including Chainlink. These filings aim to provide a more accessible and regulated way for investors to gain exposure to digital assets like LINK.
However, it's important to note that no details have been announced about the size of Caliber's LINK position or the timeline for the SAB partnership. Any moves following the FOMC event may also affect LINK's short-term path.
In conclusion, the partnership between Chainlink and SAB, along with the increasing institutional interest and ETF filings, indicate a promising future for Chainlink. As always, investors are advised to conduct their own due diligence and consider their risk tolerance before making any investment decisions.
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