Digital asset manager Bitwise is preparing to launch a spot-based exchange traded fund (ETF) focused on holding the native token of Chainlink (LINK), a first in the U.S.According to the S-1 registration statement filed with the U.S. Securities and Exchange Commission on Tuesday, the Bitwise Chainlink ETF aims to provide investors with direct exposure to LINK and named Coinbase Custody as the proposed custodian for the tokens.The filing fits into a broader trend of asset managers seeking to launch altcoin-focused spot ETFs in the U.S. as regulatory headwinds receded under the Trump administration, following the success of bitcoin (BTC) and ether (ETH) vehicles.LINK bounced 5% from the overnight lows on the news, but was still down 1.6% over the past 24 hours, per CoinDesk data.Despite the rebound, CoinDesk Research's technical analysis model suggested sustained bearish pressure for LINK as the crypto market is going through a consolidation period.LINK encountered substantial downward pressure over the past 24 hours, falling from a session peak of $24.81 to a low of $22.90.A notable recovery effort surfaced during 10:00-11:00 UTC, coinciding with the ETF filing, as the price rallied from $23.02 to $23.54 on heightened volume of 3.35 million units, indicating possible consolidation above the crucial $23.00 psychological threshold.The model suggested that reclaiming the $24.00 level is key to halting the bearish momentum, while the recent rebound implies oversold conditions may be attracting value-seeking investors.Technical indicators point to downward momentumPrice declined 4.67% from $24.61 to $23.46 during the last 24-hours from Aug. 25 12:00 to Aug. 26 11:00 UTC.Trading range of $1.84 between a maximum of $24.81 and a minimum of $22.90.Volume surged to 6.58 million units, significantly above 24-hour average of 2.29 million.Strong resistance established around $24.30 with support near $23.00.Failure to reclaim $24.00 indicates continued bearish sentiment.Break below $23.40 support level suggests further downside risk toward $23.00.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.Digital asset manager Bitwise is preparing to launch a spot-based exchange traded fund (ETF) focused on holding the native token of Chainlink (LINK), a first in the U.S.According to the S-1 registration statement filed with the U.S. Securities and Exchange Commission on Tuesday, the Bitwise Chainlink ETF aims to provide investors with direct exposure to LINK and named Coinbase Custody as the proposed custodian for the tokens.The filing fits into a broader trend of asset managers seeking to launch altcoin-focused spot ETFs in the U.S. as regulatory headwinds receded under the Trump administration, following the success of bitcoin (BTC) and ether (ETH) vehicles.LINK bounced 5% from the overnight lows on the news, but was still down 1.6% over the past 24 hours, per CoinDesk data.Despite the rebound, CoinDesk Research's technical analysis model suggested sustained bearish pressure for LINK as the crypto market is going through a consolidation period.LINK encountered substantial downward pressure over the past 24 hours, falling from a session peak of $24.81 to a low of $22.90.A notable recovery effort surfaced during 10:00-11:00 UTC, coinciding with the ETF filing, as the price rallied from $23.02 to $23.54 on heightened volume of 3.35 million units, indicating possible consolidation above the crucial $23.00 psychological threshold.The model suggested that reclaiming the $24.00 level is key to halting the bearish momentum, while the recent rebound implies oversold conditions may be attracting value-seeking investors.Technical indicators point to downward momentumPrice declined 4.67% from $24.61 to $23.46 during the last 24-hours from Aug. 25 12:00 to Aug. 26 11:00 UTC.Trading range of $1.84 between a maximum of $24.81 and a minimum of $22.90.Volume surged to 6.58 million units, significantly above 24-hour average of 2.29 million.Strong resistance established around $24.30 with support near $23.00.Failure to reclaim $24.00 indicates continued bearish sentiment.Break below $23.40 support level suggests further downside risk toward $23.00.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.