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The rise in Grayscale Chainlink Trust (GLNK) prices, trading at a 200% premium due to increased institutional demand for Chainlink’s LINK, indicates a positive market trend for LINK. The swift 100% escalation in GLNK prices within a week, reaching $39 from $21 on October 31, reflects the growing investor interest. Despite each shareholding just $12 worth of LINK, the substantial overvaluation demonstrates robust confidence in Chainlink’s potential.
The surge in premium, emphasized by Chainlink community representative ChainLinkGod, implies an elevated optimistic sentiment. With LINK tokens experiencing a 76% surge in the last month, driven by technical enhancements and institutional adoption, the market is responding favorably. Analysts’ backing of LINK as a safe investment amid the trend of real-world asset tokenization further bolsters the positive outlook, indicating continuous growth in Chainlink’s market.
Grayscale Chainlink Trust $GLNK trading at a 200%+ premium over spot 🤔
$39 per share, with 0.93482160 $LINK per share pic.twitter.com/0dxljSDzQ8
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
Chainlink Key Levels To Watch: November 8
Following the breakout from the market’s trading range in October 2023, LINKUSD headed upward to break the major resistance around $9.00. The breakout led to a market structure shift to the upside, after which more bulls kept storming the market.
The market remains in an upward trend due to the continuous increase in buying momentum. Chainlink is in the overbought region, according to the Stochastic Oscillator. A short-term retracement is likely to occur while the overall trend remains bullish.
Chainlink Key Levels
Resistance Levels: $11.050, $14.470, $18.320
Support Levels: $8.260, $7.110, $4.930
LINK Metrics
Total Market Capitalization: $1.34T
Chainlink Market Capitalization: $7.5B
Chainlink Volume: $0.81B
Market Rank: #12
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