Chainlink (LINK), the oracle network powering decentralized finance (DeFi), is experiencing a solid rise, breaching a six-week high of $17.40. This surge comes amidst a wave of optimism fueled by the recent approval of an Ethereum exchange-traded fund (ETF) and speculation surrounding a potential Chainlink ETF.
On-chain data reveals a strong buying sentiment for LINK, with a record 11 profitable transactions for every one at a loss. This surge in profitability coincides with the broader market’s positive reaction to the Ethereum ETF. Analysts believe this approval signals a growing institutional interest in cryptocurrencies, potentially paving the way for similar vehicles focused on specific projects like Chainlink.
Chainlink could be the next beneficiary of the etherium ETF boom
Please note that this is not an investment advise do your own research.