Chainlink Enters Elliott Wave 3 After Double-Bottom Breakout, Analysts Set $25.51 as Next Target

LINK enters Elliott Wave 3 after $17.85 breakout, eyeing $25.51 resistance as next target.

Whales boost LINK holdings by 41% in 90 days while exchange balances drop to 273 million.

Chainlink Reserve and new integrations add steady buy pressure and strengthen adoption.

Chainlink (LINK) has entered a strong bullish phase after breaking the $17.85 neckline, following a double-bottom pattern at $10.95. According to analysis prepared by market experts, this move marks the beginning of Wave 3 of the Elliott Wave count, often regarded as the most impulsive phase.

LINK Targets $25.51 as Uptrend Strengthens

Current price action shows LINK trading near $22.46, positioned close to the 38.20% Fibonacci retracement level at $22.179. This level is measured from the swing high near $30.90 to the $6.08 low. The next resistance is at $25.51, representing a 15% gain from the current level.

The bullish outlook remains valid while the price stays above the $20.00 support zone, identified as the key invalidation level. The market structure since early August has formed higher lows and higher highs, reflecting sustained buying interest

Source: MichaelVanDePoppe(X)

Technical indicators, including moving averages and MACD readings, show positive momentum despite overbought RSI conditions. Analyst Michael Van De Poppe noted, “Any dip in the $18–$20 area is a great opportunity before it goes to $30+.”

Whale Accumulation and Supply Reduction Support Rally

According to data from Nansen, LINK whales now hold 4.53 million tokens, a 21% increase over the past month. Holdings have grown 41% in the last 90 days, indicating confidence in continued upward movement.

Source: Nansen

Exchange balances have dropped to 273 million LINK from 281 million last month, signaling reduced market supply. The launch of the Chainlink Reserve, which converts on-chain and enterprise revenue into LINK purchases, is also adding consistent buy-side pressure.

Fundamental developments, such as integration into Brazil’s Drex CBDC pilot and the launch of U.S. equities data streams, continue to strengthen Chainlink’s adoption. These factors, combined with bullish technical patterns, are aligning with reduced token availability, creating conditions for sustained market strength.

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