Chainlink Price Struggles to Break Trend as ETF Inflows Continue

Chainlink's price has been struggling to break above its descending trendline, but ETF inflows remain strong. The cryptocurrency is currently trading below $11.359 after a failed breakout attempt.

The spot Chainlink ETFs have seen net inflows of $13.35 million this week, the largest single-week haul since their launch. This suggests that buyers with a longer time horizon are adding to their positions despite short-term price volatility.

However, the price action has been bearish in the last few hours, with long-side liquidations increasing sharply. The momentum panel on the 1-hour chart shows a reading of around 44.15, below the midpoint and indicating that momentum has cooled rather than accelerated.

If Chainlink breaks above $11.737, it could open the door to $12.627, an old swing high. A sustained push beyond this level brings the psychological price target of $15 into view.