Chainlink Eyes $30 as Bitwise Files for LINK ETF

Bitwise Submits Application for LINK ETF

According to a filing with the U.S. Securities and Exchange Commission (SEC), Bitwise is seeking approval to issue a LINK ETF—a regulated financial product that allows investors to gain exposure to LINK’s price directly through major stock exchanges like NASDAQ.

The S-1 filing shows Coinbase Custody Trust Company will act as custodian, while Coinbase will serve as the primary execution agent if the ETF is approved. Although the exact listing venue has not been disclosed, Bitwise expects the shares to debut on a U.S. exchange.

The ETF will offer standard creation and redemption mechanisms, supporting both in-kind and cash transactions through a “Trust-Directed-Trade” process executed by Coinbase. This marks another step in the broader effort to integrate digital assets into traditional financial systems. Meanwhile, the SEC is advancing its “Crypto Project,” aimed at establishing a clearer regulatory framework that fosters innovation while ensuring investor protection.

Data from CoinGlass indicates waning interest in Chainlink over the past few days. Open Interest (OI)—the total value of outstanding futures and options contracts—has fallen to around $1.6 billion from $1.8 billion. This decline signals weaker market sentiment and lower trading activity, which could slow Chainlink’s path to the $30 milestone.

Technical Outlook: Key Support Levels Intact

LINK is currently holding above $23 after rebounding from support at $22. On the daily chart, a sell signal from the Moving Average Convergence Divergence (MACD) indicator suggests that bearish pressure remains in play. If selling momentum intensifies, the price could retest key support levels at the 50-day EMA ($20.40), the 100-day EMA ($18.28), and the 200-day EMA ($17.10).

The Relative Strength Index (RSI) is hovering at 54, above the neutral line, indicating ongoing buying pressure. A move toward the overbought zone above 70 would strengthen the bullish outlook and pave the way for a breakout toward $30.

Additionally, the SuperTrend indicator continues to flash a buy signal, serving as dynamic support as long as it trails LINK’s price—suggesting that overall sentiment remains bullish despite short-term fluctuations.