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Chainlink price remained under pressure as it crashed for four consecutive weeks and hit a crucial support level.
Summary
- Chainlink price has crashed to an important support level this week.
- Grayscale will likely launch the GLINK ETF next week.
- LINK price has formed a head-and-shoulders pattern on the weekly chart.
Chainlink (LINK) token dropped to $12, its lowest level since June, and 55% from its highest point this year.
Chainlink’s fundamentals are screaming “buy,” yet the price is nosediving. A paradox? Absolutely. Dig deeper, and you’ll find on-chain data whispering a different story. Nansen reveals a mass exodus of LINK tokens from exchanges – a dramatic plunge from 300 million last month to a mere 213 million now. Where did they all go? And why is the market ignoring this bullish signal?
Shrinking exchange reserves? That’s crypto code for “bullish.” It signals investors are HODLing tight, resisting the urge to dump their digital gold. Think of it as a collective vote of confidence, a strong indication that panic selling is off the table. Fewer tokens on exchanges suggests a belief in future gains, creating upward price pressure.
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Chainlink’s strategic reserves are swelling, now brimming with 884,674 LINK tokens a cool $11 million hoard! Yet, even with this impressive surge, LINK’s price is playing a stubbornly independent tune, dipping against the rising tide of its own reserves. What gives?
On November 20th, a surge of 81,285 coins bolstered the company’s reserves, sourced directly from the lifeblood of its operations: both on-chain and off-chain fees.
Whispers are swirling: Could next week finally be the dawn of the GLNK ETF, courtesy of Grayscale? Bloomberg’s ETF guru, Eric Balchunas, thinks so, and the potential impact is electrifying. Imagine the floodgates opening, unleashing pent-up demand from U.S. investors eager to grab a piece of the action. If Balchunas is right, prepare for a potentially bullish surge that could redefine the game for this coin.
Dogecoin’s about to get a whole lot more legit! Grayscale’s $GDOG ETF hits the NYSE Monday, opening the floodgates for institutional Doge. But that’s not all – their XRP spot ETF also launches Monday! Sources say $GLNK is next, potentially going live the week after. Buckle up, folks. It’s gonna be a wild ride. pic.twitter.com/c6nKUeDrtI
Eric Balchunas (@EricBalchunas) November 21, 2025
The Bitwise Chainlink ETF could also be incoming after it appeared on the Depository Trust & Clearing Corporation.
Real-world assets are flocking to the blockchain, and Chainlink is riding the wave. The tokenized RWA market just surged past $35.6 billion, fueled by a 1.47% leap in the last month alone, according to RWA data. As the leading oracle network, Chainlink is primed to capitalize on this explosive growth, acting as the crucial bridge connecting traditional assets to the decentralized world.
Chainlink price technical analysis
LINK price chart | Source: crypto.news
LINK’s bullish days might be numbered. A menacing head-and-shoulders pattern has emerged on the charts, and the price is currently dancing precariously close to the neckline. Buckle up, because the coming weeks could bring significant downward pressure.
“A break beneath the ascending neckline shatters the illusion of upward momentum, paving the way for a potential descent towards the critical $10 mark.”
Technical indicators are screaming caution as bears maintain their grip on the market. The Relative Strength Index is descending, signaling further potential drops before hitting oversold territory. The price struggles beneath a ceiling of moving averages and the Supertrend indicator, reinforcing the negative sentiment.
Chainlink’s bears better beware! $17.83 – the peak reached on May 12th – stands as the final fortress. Breach this level, and the bearish forecast crumbles.
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Thanks for reading Chainlink price hits support as exchange supply dives ahead of ETF launch
