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LINK Rises After ETF-Related Developments
Chainlink (LINK) added 2.74% over the past 24 hours, extending its recent upward move as optimism resurfaced around institutional interest. The gains followed reports that Franklin Templeton, one of the world’s largest asset managers, is considering adding major altcoins — including Chainlink — to its crypto index ETF.
Additional bullish sentiment came from news that the DTCC shifted the Bitwise Chainlink Spot ETF into its pre-launch category, a procedural step that raised hopes among LINK supporters. While not enough to overturn the broader bearish market structure, analysts noted that these developments could help reinforce long-term confidence in the project.
Over the past week, Chainlink gained 15.25%, fueling short-term optimism despite mixed on-chain indicators.
Spot Taker Strength Shows Buyers Gaining Control
Since 22 November, Chainlink’s spot taker volume has signaled clear buyer dominance. This metric tracks the cumulative difference between spot taker buy volume and sell volume over a three-month window.
A rising spot taker CVD typically reflects growing buy-side control. Because taker orders directly move the market, analysts view this as a potentially constructive sign.
However, the picture is not entirely aligned with long-term holder behavior.
Hodlers Continue to Sell Despite Short-Term Strength
Chainlink’s Hodler net position change has remained deeply negative. This metric shows the monthly change in long-term investor holdings, and negative values suggest that these holders are offloading their tokens.
This selling trend has been persistent since early October — the same period when LINK began its broader downtrend. Although the selling has weakened slightly, the data still shows significant distribution among long-term holders.
This creates a notable contrast with the short-term price bounce and the recent rise in spot taker dominance.
Price Chart Still Shows Clear Selling Pressure
A look at the 1-day LINK chart indicates that downward pressure remains present. The Money Flow Index (MFI)struggled to gain traction and sat near 35 at the time of reporting. While not at extreme levels, this reading highlights ongoing seller dominance and continued negative momentum since October.
This aligns with the persistent hodler outflows, suggesting that the recent bounce is driven more by short-term demand than a full trend reversal.
Despite signs of renewed short-term activity, analysts generally agree that the $16 supply zone is a crucial barrier. It must be convincingly reclaimed as support before LINK can attempt a sustained uptrend.
For now, Chainlink’s market structure reflects cautious optimism — short-term demand is improving, but long-term signals and resistance levels remain key factors to watch.
