I've been monitoring the CRCL chart these days and there's something interesting happening here. The stock dropped from $85 the month's low and is now at $108 . Looking at the structure, it seems to be forming exactly the pattern that technical analysts call Elliott waves — specifically, now entering the third wave, which is usually the strongest.

Just look at the history: the stock fell to $48.80 back in February, then shot up to $135 in March when they released that earnings report showing strong growth. Then it pulled back to $84 while the market was taking profits. But now it's forming this classic recovery pattern. If we apply Fibonacci, the retracement is at that 61.8% level that most rebounds respect.

Analysts following the company see potential for the price to reach $200 if this third wave of Elliott waves confirms. First, it would need to break the resistance at $137, then go to $175 and eventually to that level of $200 which represents nearly 100% gain from where it is now.

What’s really driving this is the growth of USDC. The circulating supply went from $60 billion in January to $78.8 billion now. This matters because Circle mainly earns through interest, so the more stablecoin circulating, the more revenue. The challenge is that a large part remains on a platform of a major competitor, which somewhat limits the potential. But the company is diversifying into other areas to reduce this dependency. So there’s a lot happening behind this movement that’s on the chart.