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Key takeaways
- $LINK is up nearly 6% and is currently trading above $23 per coin.
- Grayscale has filed to convert its existing $LINK trust into the GLNK ETF and could include staking if approved.
Grayscale files to convert its $LINK trust into an ETF
Digital asset manager Grayscale has filed with the U.S. SEC to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF). According to the S-1 registration statement submitted to the regulator on Monday, Grayscale stated that if approved, the ETF would trade on NYSE Arca under the ticker GLNK.
The filing also includes a potential staking feature. If approved, the ETF would use third-party staking providers while keeping the $LINK tokens in custodian wallets. Grayscale explained that the ETF could retain the staking rewards, distribute them to stakeholders, or sell them to cover expenses.
$LINK eyes $27 as altcoins rally higher
The $LINK/USD 4-hour chart is bullish but inefficient, as altcoins have been rallying since the start of the week. $LINK is currently trading above $23 and is now targeting its recent high.
The RSI of 63 shows that $LINK is heading into the overbought territory, while the MACD lines are also within the bullish region. If the rally continues, $LINK could hit the high of $27.94 recorded on August 22nd. However, $LINK could temporarily dip to $22 to gain efficiency before rallying higher. An extended rally would see $LINK test the $30 psychological mark over the coming days or weeks.
$LINK/USD 4H Chart">
However, in the event of a market correction, $LINK could retest the TLQ and support level at $21. Failure to hold this support level could see $LINK drop below $20 for the first time in over four weeks.