The token has pushed back above $23 after a prolonged period of sideways movement, and traders are now weighing whether the next major breakout is imminent.

Traders Watching for Bigger Moves

The $22 level has quietly become an anchor for LINK, with buyers repeatedly stepping in to defend the zone. That stability has allowed a wedge-shaped consolidation to form, a pattern many analysts regard as a prelude to upward continuation. Some market watchers suggest a successful breakout could clear the way for a drive toward $34, which would represent gains of nearly 50% from current prices.

looks like $LINK is cooking another bull flag rn.

First one sent it +80%… if it repeats, next leg takes it straight into $34+ territory. simple as that!

Time to assemble link marines.. pic.twitter.com/FevkCNjPcC

— Axel Bitblaze 🪓 (@Axel_bitblaze69) September 8, 2025

Momentum is also showing up in trading activity. CoinGlass data indicates that daily turnover has swelled by more than 65% to $1.66 billion, reinforcing the sense that participation is expanding alongside price action.

ETF Narrative Reignites Speculation

Adding fuel to the move was news that Grayscale has filed paperwork to turn its Chainlink trust into a spot ETF. The timing was notable, coming only weeks after Bitwise lodged its own application. The filings have had an immediate effect on derivatives markets, with open interest jumping over 7% to $1.68 billion.

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While approval is far from guaranteed, past cycles have shown that ETF stories alone can spark waves of speculative buying long before regulators deliver a verdict. Many traders now believe this narrative could sustain bullish sentiment into year-end.

Why Sentiment Has Shifted

The combination of technical resilience, swelling volume, and regulatory optimism has reset expectations for Chainlink. Even cautious analysts acknowledge that the ingredients for a sizable move are in place, provided support levels continue to hold.

For investors, the story is less about a single price target and more about the possibility of LINK becoming one of the cycle’s standout performers if the ETF momentum and bullish chart patterns play out in tandem.

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