Chainlink (LINK) is showing fresh signs of a bullish comeback, driven by growing excitement around the potential launch of spot ETFs that could boost institutional demand for the token. After weeks of weakness, buyers are stepping back in — and analysts say a major trend shift may already be underway.
The token has climbed for five consecutive days, gaining almost 3% in the last 24 hours alone and trading around $13.43 as of Nov. 27. Despite the recent recovery, LINK is still down 26% over the past month and sits nearly 50% below its August peak of $26.75. Even so, the renewed momentum is giving investors hope that a bigger rally could follow.
ETF buzz sparks whale activity
Much of the optimism comes from anticipation surrounding two possible spot ETFs that could launch by December, reportedly from major asset managers Grayscale and Bitwise. These products would allow institutional players to gain exposure to Chainlink without directly holding the tokens — a move that could introduce a new wave of long-term demand.
Big holders appear to be positioning early. Data from Nansen shows that whale-controlled wallets have increased their LINK holdings from 1.67 million tokens on Nov. 20 to 2.26 million — a noticeable surge in accumulation. At the same time, the supply of LINK sitting on centralized exchanges has dropped by about 4.5% over the past week. Lower exchange balances typically signal fewer tokens available for selling pressure, often a bullish indicator.
Technical outlook supports a bullish shift
Chart signals are lining up with the improving sentiment. On the daily timeframe, LINK is moving closer to breaking out of a falling wedge — a technical pattern known for leading to upside reversals after prolonged downtrends. The setup suggests that sellers are losing control as the trading range narrows.
Momentum indicators are also backing the bullish case. The MACD has flipped into a positive crossover, hinting that buying strength is accelerating. If LINK can push above its 50-day moving average, analysts see room for a surge toward $21.60 — a key price area tied to the 61.8% Fibonacci retracement.
A convincing breakout with strong trading volume could eventually open the door for LINK to revisit its August top near $26.75 — nearly double its current price. For now, traders are watching closely to see if the ETF hype transforms into sustained market action. If it does, Chainlink may finally be gearing up for its next major rally.
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