Chainlink’s Exchange Reserves Plummet to Record Lows
Chainlink ($LINK) has recently witnessed a significant decline in its exchange reserves, hitting an all-time low. This development has sparked discussions among market analysts regarding the potential for a supply shock, hinting at a possible price surge in the near future. Market experts and technical indicators are painting a bullish picture, projecting a long-term price target of $30.
Understanding Supply Shock and Market Dynamics
When the supply of an asset decreases while demand remains steady or increases, it can lead to a supply shock, driving prices upwards. With Chainlink’s exchange reserves hitting a new low, there is speculation within the market about a potential surge in the coming weeks if the supply-demand imbalance persists.
Elliott Wave Theory and Price Targets for $LINK
Market analyst Morecryptoonl suggests that Chainlink’s $LINK token is currently in a strong bullish phase, poised to reach its next price target at $17.76. The application of Elliott Wave theory indicates that the current price action represents Wave (3), a robust phase in the wave cycle, potentially propelling LINK to the $17.76 mark.
Chainlink’s Path to $30: Analyzing Market Trends
Crypto Rand highlights the breakout potential for Chainlink, noting the formation of a descending triangle pattern on the chart. This pattern, coupled with a decrease in selling pressure from holders who purchased at higher levels like $19.45 and $25.53, suggests a bullish market sentiment that could sustain further price increases. Based on these analyses, LINK is expected to rally by 5.53% to reach $18.06 by August 2025.
