Chainlink (LINK) is poised for a potential bullish breakout as it forms a falling wedge pattern on the daily chart, nearing a key support level. The token's supply on exchanges has decreased by 30% to 212.7 million, marking the lowest level in months. Currently trading at $12.46, LINK has seen a decline from its year-to-date high of $27.82. Technical indicators such as RSI and PPO suggest a rebound could be imminent, with a breakout above $15 potentially targeting $17.97. In a significant development, Grayscale is set to launch its LINK Spot ETF (GLINK) next week, following the recent introduction of XRP and DOGE ETFs. Additionally, Bitwise is expected to introduce its own Chainlink ETF soon. Meanwhile, futures open interest for LINK has dropped to $528 million from $1.6 billion in August, indicating a shift in market dynamics.