Key Moments
- Chainlink (LINK) climbs nearly 7% as Grayscale’s LINK ETF (GLINK) launches and derivatives activity accelerates.
- Futures Open Interest jumps 20.21% to $617.64 million, while funding rates at 0.0082% highlight strong long-side conviction.
- LINK trades below its 50-day and 200-day EMAs but approaches the Supertrend level at $14.96, with key resistance levels at $19.19 and $23.73.
Grayscale’s LINK ETF Debut Drives Renewed Demand
Chainlink (LINK) is advancing by almost 7% at press time on Wednesday, supported by the recent launch of Grayscale’s Chainlink-focused Exchange Traded Fund (ETF) on Tuesday. The new vehicle, the Grayscale Chainlink Trust ETF (GLINK), has helped position LINK among the stronger performers in the wider cryptocurrency market over the past 24 hours.
According to Sosovalue, GLINK recorded trading volume of $13.81 million on Tuesday. Official daily flow statistics had not yet been published by press time, but initial positioning data from Grayscale indicate that the product holds 1.30 million LINK tokens as of Wednesday.
If GLINK enters a sustained inflow phase similar to that seen in Solana ETFs, this could provide an additional tailwind for LINK’s price performance.
LATEST: 🚀 Chainlink rallied on Tuesday as Grayscale launched the first-ever US ETF tracking LINK, offering investors regulated access to the expansive oracle network's native token. pic.twitter.com/VArRDG6Hi3
— CoinMarketCap (@CoinMarketCap) December 3, 2025
Derivatives Metrics Point to Rising Bullish Positioning
The derivatives market is echoing the spot market strength, with data suggesting a pronounced pickup in retail participation. CoinGlass figures show that LINK futures Open Interest (OI) has reached $617.64 million, a 20.21% increase in the past 24 hours. This expansion in OI signals that traders are building up leveraged positions on the long side.
The OI-weighted funding rate for LINK stands at 0.0082%, underscoring robust bullish sentiment. Positive funding implies that traders holding long positions are paying a premium to shorts, and levels approaching 0.010% typically indicate particularly strong conviction among buyers.
| Metric | Latest Value | Change / Context |
|---|---|---|
| GLINK trading volume (Tuesday) | $13.81 million | Reported by Sosovalue |
| GLINK LINK holdings | 1.30 million LINK | As of Wednesday, per Grayscale data |
| LINK futures Open Interest | $617.64 million | Up 20.21% in last 24 hours |
| OI-weighted funding rate | 0.0082% | Signals strong long-side confidence |
Technical Picture: LINK Tests Key Trend Levels
Chainlink is now in its second straight session of recovery, although the token remains below two important trend gauges. LINK is still trading under its 50-day Exponential Moving Average (EMA) at $15.33 and its 200-day EMA at $17.51, illustrating that buyers continue to face a challenging technical backdrop.
Price is moving toward the Supertrend indicator level at $14.96. A firm daily close above this threshold could reinforce the bullish scenario. Beyond that, prior swing highs at $19.19 from October 20 and $23.73 from October 7 are highlighted as potential resistance zones that could cap further upside.
Momentum indicators are turning more constructive. On the daily chart, the Relative Strength Index (RSI) stands at 53 following a V-shaped rebound that lifted the gauge back above the midline, reflecting improving buying pressure. The Moving Average Convergence Divergence (MACD) is also showing strengthening bullish momentum, with its averages rising toward the zero line.
Support Levels to Watch if the Recovery Falters
Despite the improving tone, downside risks remain if LINK fails to hold above nearby support. A failure to secure a daily close above the November 4 low at $13.69 could open the door to renewed selling pressure. In that scenario, price may revisit the November 21 low at $11.61 as the next key support area.
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