Hashdexs Crypto ETF Selects Chainlink: Could This Fuel LINKs Surge Past $50?
Prominent crypto asset manager Hashdex has taken a groundbreaking step with its latest ETF filing, placing Chainlink (LINK) in the spotlight.
The ETF, filed on November 25 with the U.S. SEC, lists Bitcoin, Ethereum, Avalanche, Chainlink, and Litecoin as eligible assets. Notably, this was the first ETF to include LINK, signaling its growing significance in the blockchain ecosystem.
Interestingly, Solana, XRP, and Cardano were excluded from the list, failing to meet Hashdexs rigorous inclusion criteria. As per the filing, the firms strategy focuses on cryptocurrencies offering tangible utility, innovative use cases, and real-world applications while deliberately avoiding meme tokens. With its decentralized oracle technology powering smart contracts across blockchain networks, Chainlink represents these values and stands out as a crucial player in decentralized finance (DeFi).
This development comes amid a wave of crypto ETF filings, including Bitwises 10 Crypto Index ETF proposal on Wednesday. However, unlike Hashdexs more selective approach, Bitwises filing included a broader range of assets, such as Solana, XRP, and Cardano.
That said, including LINK in ETFs has sparked speculation about its price potential, especially with institutional investors set to enter the market. Chainlink, the largest decentralized oracle provider, connects smart contracts to real-world data, making it highly valued in DeFi and beyond. LINK, the native token, compensates node operators who manage these oracles.
Notably, in October, Chainlink unveiled a major upgrade to the Chainlink Runtime Environment (CRE), transitioning to a modular architecture aimed at scaling across thousands of blockchains. This shift enhances flexibility, security, and integration with off-chain APIs. In July, Chainlink introduced the Cross-Chain Interoperability Protocol (CCIP), further boosting its appeal to capital markets and Web3, key factors attracting institutional investors.
On Wednesday, blockchain analytics firm Santiment highlighted Chainlinks growing popularity, noting it as the top cryptocurrency among $500M+ market caps with rising crowd sentiment.
Technically, crypto analyst Bubbafox identified a multi-year ascending price channel for LINK, suggesting a bullish trajectory. LINK This seems reasonable, the pundit tweeted on Thursday, sharing a chart that projects LINK reaching $150 in the mid-term and potentially surging to $2,000 by November 2026.
LINK is currently testing a crucial resistance range between $19 and $20. A sustained breakout above this level could push the price to $22.80, potentially sparking a rally that could drive the price toward $50.
At the time of writing, LINK was trading at $18.10, reflecting a 1.60% surge over the past 24 hours.
Read more: https://zycrypto.com/hashdexs-crypto-etf-selects-chainlink-could-this-fuel-links-surge-past-50/
Text source: ZyCrypto
