Chainlink Price Soars 8% Amid Institutional Buying and ETF Inflows

Chainlink's price has surged by 8% over the past day, reaching $13.38 according to CoinGlass data. This increase comes on the heels of a significant influx of institutional money into the market.

A recent analysis by BSCN (@BSCNews) on X revealed that spot ETFs now hold around 1 in every 45 LINK tokens in existence. These funds have collectively pulled in over $13.02M in September alone, indicating growing confidence in the token.

The chart structure is also providing bullish signals. The Relative Strength Index (RSI) is reading 63.37, comfortably in positive territory without being overstretched. If Chainlink manages to close above $13.67, it could open the path toward the psychological $15 mark first, with further extensions potentially reaching as high as $20.22.

However, there are risks to consider before trading LINK. ETF inflows can reverse quickly if broader crypto sentiment sours, and Bitcoin's price action still tends to influence altcoins like Chainlink. Additionally, a 51% move to $20.22 is a significant ask in a short window, making it essential to respect intermediate resistance at $15.