Chainlink (LINK) has entered a pronounced bullish phase after decisively breaking through the critical $17.85 resistance level. Technical analysis indicates this breakout signals the start of Elliott Wave 3, targeting the next significant resistance at $25.51, with $20.00 acting as a key support level for the current uptrend. The positive technical structure is reinforced by bullish momentum observed on indicators like the MACD.
Significant whale accumulation is providing strong underlying support. Data reveals holdings of LINK by large investors have surged by 41% over the past 90 days, demonstrating substantial market confidence in the asset’s prospects.
Adding to the bullish case, the available supply of LINK on exchanges has dwindled significantly, dropping to approximately 273 million tokens. This reduction in readily tradable supply typically signals decreased selling pressure, potentially creating favorable conditions for further price appreciation.
Fundamental network developments are also bolstering LINK’s value proposition. The recent launch of Chainlink Reserve Proofs enhances transparency for tokenized asset issuers, while the integration of Chainlink services into Brazil’s central bank digital currency (CBDC) pilot project, Drex, represents a significant stride in institutional and governmental adoption.