Chainlink May Break $31, Could Target $47+ as ETF Filings and U.S. Partnership Boost Momentum

• LINK holds above $23 support; $31 is the next resistance and breakout trigger.

• Extension targets range from $47.46 (100%) to $219.99 (200%) based on Elliott Wave counts.

• Institutional catalysts include a Bitwise spot LINK ETF filing and a U.S. Department of Commerce on-chain data partnership.

Meta description: Chainlink price target: LINK holds $23 support and eyes $31 breakout; learn targets, indicators, and institutional catalysts. Read the full technical update.

Chainlink trades above $23 support with analysts eyeing $31 breakout, $47+ targets, and momentum from ETF filings and U.S. partnerships.

• LINK holds firm above $23 support with $31 resistance as the next key breakout level.
• Elliott Wave analysis sets upside targets from $47 to $219 if wave iii extends.
• Institutional moves like a Bitwise ETF filing and U.S. data partnership fuel momentum.

Chainlink is showing one of the most reliable Elliott Wave structures in this cycle. The token remains firm above the $23 key support, with market attention now on the $31 resistance level. A successful breakout could push Chainlink toward $47 and beyond, setting the stage for an extended bullish phase.

What is the Elliott Wave structure suggesting for Chainlink?

The weekly Elliott Wave count shows LINK completing wave ii and entering wave iii, which typically carries stronger momentum. Chainlink price target extensions place 100% at $47.46 and 200% at $219.99, while support zones around $13.28 and $17.36 remain relevant for the larger cycle.

How have recent price levels and indicators behaved?

Weekly and daily charts record variable ranges. At the time of writing LINK traded near $24–25, maintaining proximity to the 20-day simple moving average (~$24.18) and well above the 50-day SMA (~$20.24). RSI near 54 suggests room for upward movement before overbought territory.

Why do institutional developments matter for LINK momentum?

Institutional signals often increase liquidity and investor confidence. Recent filings and partnerships — including a Bitwise spot LINK ETF filing and a U.S. Department of Commerce partnership to publish macroeconomic data on-chain — provide concrete use-case and allocation narratives that can support a sustained rally.

Extension levels provide clear targets, with $47.46 at 100% and $219.99 at 200%. Support zones at $13.28 and $17.36 have maintained structure throughout the cycle. Holding above $23 establishes a firm base for the next upward continuation.

Resistance at $31 serves as the next breakout point, with $47 projected as the following target should momentum continue. Daily price action reflected short-term volatility, with intra-day ranges roughly between $23.29 and $25.36. Market capitalization moved in line, near $15.98 billion, supported by a 24-hour trading volume around $2.21 billion.

How do technical indicators align with the Elliott Wave outlook?

Technical indicators show consolidation near key averages and constructive momentum. The 20-day SMA is acting as near-term equilibrium while the 50-day SMA provides support for broader trend structure. RSI in the mid-50s indicates potential for continuation without immediate overbought conditions.

Source: TheMoonShow (X)

According to an observation by The Moon Show, the LINK daily chart displays a cup-shaped structure between March and August, with current support near $22.90 and resistance around $26.90. This pattern complements the broader Elliott Wave count that targets $31 as the next hurdle.

Institutional interest continues to grow. Bitwise recently filed to launch a spot LINK ETF, while the U.S. Department of Commerce partnered with Chainlink to publish official macroeconomic data on-chain. These developments added momentum during August trading sessions and present measurable on-chain adoption and allocation narratives.

When should traders consider the $31 breakout validated?

A breakout is typically validated by a daily close above $31 on above-average volume and confirmation from momentum indicators (higher RSI and supportive moving-average alignment). Traders should also monitor on-chain metrics and institutional flow announcements for confirmation.

Frequently Asked Questions

What is the most likely short-term Chainlink price target?

Short-term targets focus on $31 as the immediate resistance; a confirmed breakout could see $47.46 as the next significant target based on Elliott Wave 100% extension.

How reliable is Elliott Wave for predicting LINK moves?

Elliott Wave offers a probabilistic framework that, when combined with Fibonacci extensions and technical indicators, can highlight high-probability targets; it is strongest when validated by volume and momentum signals.

Does institutional activity change risk for retail traders?

Institutional filings and partnerships increase liquidity and legitimacy but can also amplify volatility during news events. Retail traders should manage position size and use clear stop levels.

Key Takeaways

• Support and resistance: $23 support is holding; $31 is the immediate breakout level to watch.
• Targets: Elliott Wave extensions yield $47.46 (100%) and $219.99 (200%) contingent on wave iii extension.
• Catalysts: Bitwise spot LINK ETF filing and a U.S. Department of Commerce on-chain partnership underpin momentum.

Conclusion

This update shows Chainlink positioned for a potential bullish extension if it clears $31 on confirmed volume and momentum. Technical structure, institutional filings, and on-chain partnerships all support a constructive outlook. Monitor confirmation signals and institutional flows for actionable entries and risk management.