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Chainlink price is bouncing back from its lower support levels, and investors’ interest is getting high in the LINK crypto.
The Chainlink (LINK) crypto and the broader crypto market are rebounding. Its price forms an interesting technical pattern as it returns from lower support. Moreover, institutions are also positive about Link crypto.
Are Institutions Bullish On Chainlink (LINK)?
The current premium of Grayscale Chainlink Trust (GLINK) is 710%. This implies that institutions are ready to purchase LINK for $120, even though its exchange rate is only $15.00.
Source: Coinglass Grayscale Investment Link Premium
The Grayscale Chainlink Trust allows investors to gain passive exposure to Chainlink (“LINK”) through security. It is one of the earliest securities solely invested in LINK, and it helps investors avoid the complexities of purchasing, storing, and safeguarding LINK directly.
Is Chainlink Showing Bullish Signals?
On the daily technical Chart, the LINK price bounces back from the demand zone of $12.949, heading toward the upper threshold. Moreover, the double bottom pattern is also shown on the technical chart.
Furthermore, at the upper levels, the 50-day- and 200-day EMA levels act as resistance levels. If the LINK price breaks these hurdles, it may reach the upper threshold of $21.00.
The relative strength index hints at the upcoming bullishness in the LINK crypto as the RSI curve is heading upward towards the oversold zone.
At press time, the Chainlink crypto price was trading at $15.115 with an intraday gain of 5.18%, indicating bullishness on the charts. It has a weekly return of 10%. It has a market cap of $8.88 Million. Analysts are bullish and suggest the LINK price will increase in upcoming sessions.
Over a week, LINK crypto has experienced an increase of approximately 10%. Moreover, the coin has faced weakness in the last three months, down by almost 21%. However, the LINK price is bouncing back.
Social Volume & Social Dominance Also Rebounding
The Santiment graph displayed that the social metrics with price and volumes have increased in the last few days.
The social dominance and volume have been increasing for the last few days, which has positively impacted the price. Furthermore, the momentum of the LINK price may depend upon the change in social dominance and volume dominance.
Summary
Chainlink (LINK) crypto displays bullish signals, rebounding from lower support and forming an interesting technical pattern. The current premium of Grayscale Chainlink Trust (GLINK) at 710% indicates that institutions are ready to purchase LINK for $120.
The LINK price is heading towards the upper threshold, with the RSI suggesting upcoming bullishness and social dominance, and volume has increased in the last few days, leaving a positive impact on the price.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
