Chainlink (LINK) ETF Approval Progresses as Token Consolidates in Key Technical Pattern

Chainlink's LINK exchange-traded fund (ETF) moves closer to U.S. approval, listed as "active" and "pre-launch" in DTCC records. Bitwise's August Form S-1 filing indicates advanced preparation, though final SEC approval is still pending. The ETF WOULD track LINK, the native token of Chainlink's oracle network that connects blockchains with real-world data.

LINK is currently trading at $15.13, showing a 3.93% daily decline but an impressive 86% weekly gain. The token's market cap stands at $10.57 billion with $681 million in daily trading volume. Derivatives markets remain active with $667 million in open interest.

Technical analysis shows LINK has been consolidating within a $13-$26 range for over a year, forming a symmetrical triangle pattern. "This consolidation phase typically precedes a significant breakout that could determine the token's long-term direction," noted analyst Ali Martinez. LINK's stability contrasts with broader ETF delays caused by the recent U.S. government shutdown.