Key Points
- LINK trades at $14.44, gaining 0.95% over the past day while maintaining position above the $14 threshold.
- Exchange-traded funds tracking Chainlink recorded their third consecutive session of capital inflows, adding $2.62 million on October 1.
- Total ETF net assets climbed to $244.34 million, representing 2.27% of LINK’s total market capitalization.
- Open interest in Chainlink derivatives rose to $771.91 million despite a 21.53% decline in trading activity.
- The release of CCIP 2.0 triggered a 10% single-session rally, contributing to LINK’s 18% year-to-date performance.
The Chainlink token advanced 0.95% during the previous 24-hour period, settling at $14.44. This upward movement aligned with strength across digital asset markets, as Bitcoin maintained its position north of $86,000 and Ethereum traded above $2,700.
Over the trailing 30-day window, LINK has surged more than 30%. This appreciation coincided with the deployment of CCIP 2.0, an enhanced iteration of Chainlink’s infrastructure for cross-blockchain communication.
The aggregate cryptocurrency market valuation increased 2.37%, reaching $2.93 trillion. XRP similarly posted gains, climbing 3% to $1.53 during the comparable timeframe.
Third Straight Day of ETF Capital Inflows
A pair of exchange-traded products tracking Chainlink attracted $2.62 million in net capital on October 1, based on figures from SoSoValue. The entirety of these inflows entered Bitwise’s CLNK vehicle, while Grayscale’s GLNK product registered neutral flows for that session.
Since their respective launches, the two funds have collectively drawn $168.96 million in net inflows. Their combined assets under management reached $244.34 million, accounting for 2.27% of LINK’s entire market cap.
On a seven-day basis, both products recorded $8.30 million in net additions. Daily trading volume for the pair totaled $14.99 million, with Grayscale’s fund contributing $14.56 million of that figure.
Grayscale’s product managed $175.69 million in net assets, while Bitwise’s offering held $68.64 million.
Market analyst Symba, who shares commentary via @Nebulabsxyz, provided perspective on current chart patterns. He noted LINK is experiencing a pronounced correction, with substantial probability that price action revisits the ascending trendline support zone between $12.70 and $13.00 before establishing a base.
Symba further observed that should the trendline prove resilient, LINK might rally back toward the $14.00 to $14.50 range, potentially retesting the recent peak around $15.50. He identified $12.70 as the critical threshold that long-positioned traders must maintain.
Chart Indicators and Derivatives Positioning
On October 2, LINK changed hands at $14.451, posting a 0.56% increase on the most recent four-hour interval. The asset has remained anchored above the $14 level since pulling back from its late-September high.
The four-hour relative strength index registered 52.27, suggesting mild bullish lean within an otherwise neutral momentum environment. The MACD indicator stood at 0.048, trading beneath its signal line at 0.083, while the histogram showed a negative reading of -0.035.
A breakout above the $15 resistance barrier could establish a trajectory toward $16. Continued defense of $14 would preserve the existing consolidation framework.
Loss of the $14 level might bring the $13 region back under scrutiny. A more significant decline could challenge support in the vicinity of $12.20, a zone that previously generated upward momentum in September.
Activity in Chainlink derivatives markets saw trading volume contract by 21.53%, with total turnover settling at $589.69 million. Notwithstanding the volume decline, open interest edged up 0.08% to $771.91 million, indicating that aggregate outstanding positions remained essentially unchanged.
CCIP 2.0, unveiled in late September, introduced enhanced security mechanisms to Chainlink’s cross-chain interoperability infrastructure. The enhancement connects to the expanding real-world asset tokenization industry, where Chainlink has established itself as a foundational technology layer.
Year-to-date, Chainlink has appreciated 18%, surpassing Bitcoin’s performance, which shows a 5% decline over the same period. The CCIP 2.0 announcement catalyzed a 10% intraday price surge for LINK upon its release.
The post LINK Token Holds $14 Floor While ETF Inflows Hit Three-Day Streak appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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