belongs to grayscale Chainlink Trust (GLINK) is currently trading up 223%, clearly indicating institutional investor interest in the asset.
The trust offers institutions a way to invest in the native asset of decentralized oracle provider Chainlink (LINK) without investing directly in the crypto asset.
GLINK, is selling for $44.11 per share at the time of writing, and each share offers the opportunity to invest in approximately 0.93 LINK, currently worth just $13.62. Grayscale’s product is up nearly 120% in the past month.
Notably, the trust’s gain occurred while Chainlink itself was outperforming the vast majority of the crypto market. Ranked 12th by market value altcoin, is trading at $14.95 at the time of this writing and is up nearly 13% in the last 24 hours, more than 28% in the past week, and more than 105% in the past month. In comparison, the overall crypto market cap has increased by approximately 25% in the last 30 days.
Crypto analyst The Flow Horse recently said that Chainlink may be starting an uptrend.
People are worried about buying LINK… because they think they are missing out. As the crypto market continues to grow, I think it could rise to between $11.00 and $8.50 if we’re talking a year or two out.
NEWS CONTINUES BELOW
However, pseudo-analyst Rekt Capital stated that LINK will drop to the $11 level at some point to retest the previous resistance line, which he said was recently broken.
Previous revisits of the monthly macro downtrend have resulted in upside wicks, so a retest of the macro downtrend as support may be necessary to confirm further uptrend continuation, especially if a rejection from the red occurs soon.