Chainlink Price Prediction as First Spot LINK ETF Nears Launch

The crypto market is watching Chainlink closely after Nate Geraci from The ETF Store said that the first-ever spot Chainlink ETF could launch this week. Grayscale plans to convert its Trust into a public ETF, which would be a big moment for LINK. 

But even with this positive news, the Chainlink price has dropped more than 6% in the last 24 hours and is now trading near $12.19. This fall is sharper than most of the market and is making many traders wonder if more downside is coming. 

Technical Breakdown Show More Weakness

LINK's price chart suggests that sellers are still in charge. It has broken lower past some key supports and also confirmed a bearish head-and-shoulders pattern, which usually points toward more downside. It is also trading under the 100-week EMA and the Supertrend, showing a lack of strength.

Even the short-term moving averages are working against the price. The 7-day SMA at $13.14 and the 30-day SMA at $14.24 have now turned into resistances. If the altcoin fails to hold above $11.66, the next possible drop could bring the price toward $10.

The RSI near 33 shows weakness, and the MACD also confirms the bearish trend. For the altcoin to show strength again, it has to break above $14.24, and only then can it move toward $16.

Why the Market Is Pushing Link Down

Presently, the entire crypto market is fearful. The fear index has reached a low of 20, and this forces many traders to sell altcoins. A big jump in Bitcoin liquidations further added pressure and pulled it down. This altcoin does have a very high correlation with Bitcoin; because of this, it tends to follow the movement of BTC quite closely.

ETF Hopes Still Support Long-Term Sentiment

While the price may be falling, this ETF news is positive for Chainlink nonetheless.

If approved and listed, the Grayscale Chainlink ETF would make LINK the latest in a growing list of altcoins with exchange traded funds including Solana, XRP, Dogecoin and Litecoin. Most ETFs typically increase liquidity and drive more interest in said tokens.

For now, uncertainty about the exact launch date keeps the market nervous, but when this fund goes live, it could attract new investors who were not as interested in it before.

Chainlink On-Chain Data Shows Accumulation

Despite the price drop, whales are quietly accumulating this cryptocurrency. Last week, a large wallet added 89,000 LINK, worth over $1.18 million. Exchange wallets also hold much less of this altcoin, compared to September, which suggests reduced selling pressure. This is usually a good sign for long-term holders.

Chainlink Price Prediction: What Levels Matter Now

Here are the important levels to watch:

• Key Support: $11.66
  

• Immediate Resistance: $13.14
  

• Major Resistance: $14.24
  

• Bearish Target: $10 if price breaks support
  

• Bullish Target: $16.22 if it breaks above $14.24
  

• ETF Catalyst: A confirmed launch could bring a bounce

If Bitcoin stays above $91,000, it could help altcoins stabilize, including LINK.

Conclusion: Big Moment Ahead for $LINK

The altcoin is at a sensitive point right now. The Chainlink Price Prediction for the short term remains cautious because indicators still show weakness, and the market is fearful. But the long-term picture can improve quickly if the fund launches. For now, traders are watching whether LINK can hold the $11.66 support and whether the ETF news can bring back some buying interest.