The Grayscale Chainlink Trust shares explode with a 200% premium above LINK’s market value, as investors rush to seek exposure to the leading oracle services provider in the industry.
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Altcoins like Chainlink (LINK), Solana (SOL), XRP, and Cardano (ADA) are back in the limelight after fading into the slumberland during the long crypto winter. Chainlink price has emerged among the best performers this quarter, surging by 111% in 30 days, 45% in two weeks, 38% in a week, and the most recent 13% over the last 24 hours to trade slightly above $15 — its highest level since April 2022, CoinGecko market data shows.
Chainlink Grayscale Trust Surges To $44
The largest digital fund manager, Grayscale, operates the Grayscale Chainlink Trust. This product allows investors to seek exposure to the token LINK as a form of security which saves them the hustle of buying and storing the crypto directly.
Shares of the trust are used to track the performance of LINK in the market, with lesser fees and expenses.
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The rally in Chainlink price over the last few weeks has positively impacted the Grayscale LINK Trust share price, which according to the official website rallied by a premium of 200% to trade at $44.11 on Thursday relative to LINK’s market price.
X user ChainLinkGod highlighted the positive outlook of the Chainlink Trust indicating that it is “One of the first securities solely invested in and deriving value from the price of LINK.”
“One of the first securities solely invested in and deriving value from the price of LINK.
Grayscale Chainlink Trust is solely and passively invested in LINK, enabling investors to gain exposure to LINK in the form of a security while avoiding the challenges of buying, storing,…
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
Can Chainlink Hit $20 This Week?
Chainlink finally broke the resistance at $13 which has been holding bulls back since last week. Upholding support above $12 and $10, respectively saw traders gain confidence in the market for gains above $15 and and toward $20.
A higher support anticipated above the $15 level would affirm the uptrend. Based on the Moving Average Convergence Divergence’s (MACD) position above the neutral area, the path with the least resistance is distinctively to the upside.
Some traders may decide to close their positions above $15 after possibly holding them from the support in October at $7. A consolidation and perhaps a minor retreat would allow LINK to collect more liquidity ahead of the next major breakout.
However, those who believe in the long-term bullish outlook in LINK price may want to hold on at least until the token taps the yellow band on the chart around $18.
Breaking and holding above this key resistance could imply that Chainlink price begins a new recovery phase above $20 with the possibility of closing the gap to $30 becoming apparent.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.