Chainlink Trades Near $12.12 Amid Anticipation for Grayscale ETF Launch and CCIP Expansion

As of November 22, 2025, the cryptocurrency Chainlink (LINK) faced selling pressure, hovering around the $12.12 mark. This price action occurred against a backdrop of general softness in the broader crypto market. Technically, the asset had slipped beneath crucial moving averages, specifically the 7-day Simple Moving Average (SMA) at $13.08 and the 20-day SMA set at $14.39.

A closer technical look revealed that LINK was testing lower support levels, nearing the lower boundary of the Bollinger Bands, positioned at $12.03. This proximity to the lower band could suggest that the asset was entering an oversold condition. Momentum indicators reinforced the current negative sentiment; the Relative Strength Index (RSI) registered a reading of 29.54, while the Moving Average Convergence Divergence (MACD) indicator maintained a bearish trajectory.

Despite this short-term technical weakness, underlying fundamentals and significant institutional interest point toward accumulation. Grayscale Investments, a major entity in the digital asset space, has been bolstering its LINK holdings, surpassing the 1.3 million token threshold as of November 2025. Furthermore, the supply ratio of LINK held on exchanges hit an all-time low of 0.13 during November 2025. This metric strongly indicates a reduction in the amount of the asset readily available for immediate sale.

This pattern of accumulation is further evidenced by the fact that over $220 million worth of LINK has been withdrawn from exchanges since October, suggesting a clear shift toward long-term custody among holders. This movement away from readily accessible exchange reserves is a bullish signal often preceding price appreciation.

A significant catalyst poised to potentially alter the current technical landscape is the highly anticipated launch of the Grayscale Chainlink ETF (GLINK). Bloomberg analyst Eric Balchunas has confirmed that the rollout of this product is imminent, which promises to offer investors a more regulated pathway to gain exposure to LINK tokens. Grayscale has formally submitted an application to the SEC seeking to convert its existing trust into a spot ETF, slated to trade on the NYSE Arca under the ticker GLNK. This strategic move aligns perfectly with Grayscale’s broader ambition to introduce exchange-traded funds for various altcoins, potentially creating substantial structural demand.

Chainlink continues to cement its status as essential infrastructure for Web3, particularly through its Cross-Chain Interoperability Protocol (CCIP). The growing utility of CCIP is underscored by remarkable growth statistics: cross-chain transfers surged by 600% throughout 2025, accumulating a total volume of $2.2 billion. Institutional adoption is also gaining traction, highlighted by Deutsche Bank integrating CCIP into its operations, and the Rubicon project by General TAO Ventures utilizing the protocol for cross-chain staking activities. Chainlink’s oracles currently secure approximately $48.5 billion in Total Value Locked (TVL) across the decentralized finance (DeFi) sector.

Regulatory clarity may also solidify LINK’s role as a crucial bridge between traditional finance and blockchain technology. This is supported by Chainlink’s involvement in the SEC’s Crypto Task Force working group, established on July 20, aimed at developing tokenization rules. Consequently, the market currently finds itself at a crossroads: immediate technical headwinds contrast sharply with robust fundamental drivers stemming from institutional uptake and CCIP development. While some short-term forecasts for November 2025 suggested an average price point near $12.08, analytical projections for the long term point toward significantly higher targets, reaching $32 or even $47.