Chainlink (LINK) has entered a bullish phase after breaking the $17.85 neckline, targeting $25.51 as the next resistance level, supported by whale accumulation and reduced supply.
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LINK enters Elliott Wave 3 after $17.85 breakout, eyeing $25.51 resistance as next target.
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Whales boost LINK holdings by 41% in 90 days while exchange balances drop to 273 million.
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Chainlink Reserve and new integrations add steady buy pressure and strengthen adoption.
Chainlink (LINK) has broken the $17.85 neckline, entering a bullish phase with a target of $25.51. Learn more about its market dynamics.
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.
$LINK broke the $17.85 neckline after a $10.95 double-bottom, entering Wave 3 of Elliott, the most impulsive phase.
Targeting $25.51 (+15%) with $20 as key invalidation.
Keep watching! pic.twitter.com/WKdmyHC579
— Joe Swanson (@Joe_Swanson057) August 10, 2025
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.
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.
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.
Key Takeaways
- Chainlink’s bullish phase: Following a breakout above $17.85, LINK is targeting $25.51.
- Whale activity: LINK whale holdings have surged by 41% in the last 90 days, indicating strong market confidence.
- Market dynamics: Supply reduction and new integrations are supporting Chainlink’s upward momentum.
Conclusion
Chainlink (LINK) is poised for further gains after breaking the $17.85 neckline, with a target of $25.51. The combination of whale accumulation and reduced supply strengthens its bullish outlook, making it a key player in the crypto market.
