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.

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.

The post Chainlink eyes $27 as ETF talks intensify; Check forecast appeared first on CoinJournal.