Chainlink Price Rises on Institutional Flows and Policy Anticipation
Chainlink (LINK) has been on a tear lately, gaining 35% over the past 30 days. This uptrend is expected to continue, with some analysts predicting a move above $15. Institutional flows have improved market confidence, and investors are eagerly awaiting developments in the CLARITY Act and the next FOMC meeting.
The recent inflows into LINK exchange-traded funds (ETFs) are also a positive sign. In September, Bitwise's CLNK and Grayscale's GLNK attracted $1.09 million on September 9 and $4.27 million the following day, respectively. However, these inflows were still light compared to previous months.
The LINK price has been trading in a range, with support around $11. A breakout above this level could lead to further gains, potentially reaching as high as $15. This would represent a 29% increase from the current price. However, if prices drop below $11, it may indicate weakness in the recovery.