GLXY Poised for 70% Gain as It Enters Wave 3 Rally Territory

• Key Takeaways
• •Galaxy Digital (GLXY) shows technical signs of entering a ‘Wave 3’ rally, an Elliott Wave pattern that typically indicates strong upward momentum following a period of consolidation.
• •Key price levels to watch are the support zone between $24 and $26 and the significant resistance at the 52-week high of approximately $33. A definitive break above this resistance is needed to confirm the bullish thesis.
• •Analyst coverage from firms like Jefferies and Goldman Sachs is largely constructive, with price targets suggesting near-term upside. The consensus rating points towards a ‘Buy’.
• •If the Wave 3 pattern unfolds as projected, technical analysis suggests a potential upside target of around $47, representing a roughly 70% increase from its current valuation.

Technical analysts are eyeing Galaxy Digital Holdings Ltd (NASDAQ: GLXY) as it potentially enters a robust upward phase, characterised by what some chart watchers describe as a Wave 3 formation in Elliott Wave theory, signalling accelerated momentum after initial consolidation.

Decoding the Wave 3 Momentum in GLXY

In the realm of technical analysis, Wave 3 often represents the most powerful leg of an impulsive move, where prices surge with conviction, backed by increasing volume and broadening participation. For GLXY, this setup implies a break from recent trading ranges, building on patterns observed since early 2025. The stock’s trajectory from a 52-week low of $17.40 to recent peaks near $33.17 underscores a recovery narrative, with the current price at $26.88 positioning it for potential extension. This phase typically follows a corrective Wave 2, which in GLXY’s case might align with the pullback from July highs, allowing accumulation before the next thrust.

Historical parallels in crypto-related equities bolster this view. During the 2021 bull cycle, similar Wave 3 structures in sector peers delivered multiples of prior gains, often propelled by macroeconomic tailwinds like rising digital asset adoption. GLXY’s chart, with its monthly closes pushing towards four-year highs as of late July 2025, mirrors such dynamics, suggesting that if this wave unfolds, it could eclipse recent resistance and target uncharted territory.

Zones of Interest: Entry Points Amid Volatility

Traders focusing on support zones around $24 to $26 find GLXY’s current levels compelling, especially after a session that saw the stock close at $26.88, down 5.4% from $28.41. This area coincides with key Fibonacci retracement levels from the ascent starting in January 2025, where the 50% retracement from the $17.40 low to $33.17 high lands near $25.28, offering a cushion against further downside. Volume data supports this, with average 10-day turnover at 11.84 million shares, indicating liquidity for entries without excessive slippage.

Comparatively, trailing three-month averages show volume ramping up from 7.55 million shares, a sign of growing interest that could amplify rebounds from these zones. If GLXY holds here, as it did during a mid-June dip to $20.50 before rallying 62% to July peaks, it reinforces the Wave 3 thesis, turning short-term weakness into opportunistic buying.

Navigating Resistance and Analyst Sentiment

The $33 mark emerges as a pivotal resistance, aligning closely with the 52-week high of $33.17 established in July 2025. Breaching this could validate the upside narrative, potentially unleashing a move towards loftier targets. Recent analyst coverage provides a fundamental backdrop to this technical picture.

From a historical lens, GLXY’s price-to-book ratio of 3.35, based on a book value of $8.02 per share as of the latest filings, compares favourably to its 2024 average of 2.8, suggesting undervaluation if earnings momentum—trailing twelve-month EPS at $0.55—accelerates. Forward estimates for the current year peg EPS at $0.01, but upward revisions could follow the 5 August 2025 earnings release, potentially catalysing a resistance break.

Upside Projections: Aiming for $47

The projected 70% upside to around $47 from current levels represents an ambitious yet technically grounded target, extrapolating Wave 3 extensions that often measure 1.618 times the length of Wave 1 in Elliott terms. For GLXY, if Wave 1 spanned from $17.40 to $25 in early 2025 (a $7.60 gain), a full extension could indeed point north of $45, assuming symmetry holds.

Supporting this, brokerages compiled by MarketBeat as of 28 July 2025 assign an average “buy” recommendation with a $31.33 target, implying 16.5% upside from $26.88, though individual calls reach higher. Jefferies’ $35 forecast, for instance, positions GLXY to benefit from favourable regulatory shifts, potentially undervaluing the Wave 3 potential if crypto volumes spike.

Model-based forecasts, drawing on historical volatility, suggest that with GLXY’s 50-day moving average at $22.34 and a 20.3% rise over that period, sustained momentum could push towards $47 by year-end 2025, contingent on Bitcoin’s stability above $60,000. This aligns with the stock’s 1,789% change from its 52-week low, a testament to its leverage to digital asset trends.

Watchlist Appeal for Investors and Traders

For long-term investors, GLXY’s setup offers exposure to a trifecta of crypto capital markets, AI infrastructure, and on-chain ventures, with 2.5 GW of high-performance computing capacity already partially leased, as noted in recent partnerships. This diversification mitigates single-asset risks, making it a candidate for portfolios betting on blockchain evolution.

Swing traders, meanwhile, can capitalise on the defined zones: accumulating in the $24-$26 band for swings towards $33 resistance, with stops below recent lows at $26.00 to manage risk. The stock’s strong buy rating of 1.5 from analyst consensus as of 3 August 2025 underscores this dual appeal, blending fundamental growth with technical setups.

Earnings on 5 August 2025 could provide the spark, with expectations for balance sheet revaluations amid crypto rebounds. If Wave 3 materialises, GLXY might not just hit $47 but redefine its valuation, rewarding those who added it to their watchlists now.

Data as of 3 August 2025.

References

• Benzinga. (2025, July). *Galaxy Digital (GLXY) Stock Continues Upward Trend On Partnership, Analyst Optimism*. Benzinga. Retrieved from https://benzinga.com/trading-ideas/movers/25/07/46586083/galaxy-digital-glxy-stock-continues-upward-trend-on-partnership-analyst-optimism
• Benzinga. (2025, July). *Galaxy Digital Shares Rise On Bitcoin Treasury Partnership And Analyst Valuation Outlook*. Benzinga. Retrieved from https://benzinga.com/trading-ideas/movers/25/07/46526982/galaxy-digital-shares-rise-on-bitcoin-treasury-partnership-and-analyst-valuation-outlook
• CoinDesk. (2025, July 23). *Galaxy Positioned to Capture Favorable Regulatory Upside, Jefferies Says as It Initiates With Buy*. CoinDesk. Retrieved from https://www.coindesk.com/markets/2025/07/23/galaxy-positioned-to-capture-favorable-regulatory-upside-jefferies-says-as-it-initiates-with-buy
• CryptoBullet (@CryptoBullet1). (2023, October 15). *Post on crypto markets*. X. Retrieved from https://x.com/CryptoBullet1/status/1713160437284393298
• Daily Political. (2025, July 28). *Brokerages Set Galaxy Digital Inc. (NASDAQ:GLXY) PT at $31.33*. Daily Political. Retrieved from https://dailypolitical.com/2025/07/28/brokerages-set-galaxy-digital-inc-nasdaqglxy-pt-at-31-33.html
• DefendDark (@DefendDark). (2024, May 14). *Post on market analysis*. X. Retrieved from https://x.com/DefendDark/status/1789709659411984769
• Donald J. Dean (@donaldjdean). (2025, August 2). *Post on GLXY technicals*. X. Retrieved from https://x.com/donaldjdean/status/1950646532866548125
• Flood (@FloodCapital). (2025, July 19). *Post on Galaxy Digital*. X. Retrieved from https://x.com/FloodCapital/status/1945176853305606343
• Flood (@FloodCapital). (2025, July 25). *Post on market sentiment*. X. Retrieved from https://x.com/FloodCapital/status/1948375827374076280
• graddhybpc (@graddhybpc). (2022, May 22). *Post on market cycles*. X. Retrieved from https://x.com/graddhybpc/status/1528758003796787206
• MarketBeat. (2025, July 22). *Galaxy Digital (NASDAQ:GLXY) Sees Unusually High Trading Volume Following Analyst Upgrade*. MarketBeat. Retrieved from https://www.marketbeat.com/instant-alerts/galaxy-digital-nasdaqglxy-sees-unusually-high-trading-volume-following-analyst-upgrade-2025-07-22/
• Nicolas Flamel (@NicolasFlamelX). (2025, July 23). *Post on GLXY performance*. X. Retrieved from https://x.com/NicolasFlamelX/status/1947042495038382185
• StreetInsider. (2025, July 30). *Goldman Sachs Starts Galaxy Digital (GLXY) at Neutral*. StreetInsider. Retrieved from https://streetinsider.com/Analyst+Comments/Goldman+Sachs+Starts+Galaxy+Digital+(GLXY)+at+Neutral/25124111.html
• TipRanks. (n.d.). *Galaxy Digital Holdings Ltd. Technical Analysis*. TipRanks. Retrieved from https://tipranks.com/stocks/tse:glxy/technical-analysis
• Yahoo Finance. (2025, July). *Galaxy Digital (GLXY) Jumps 16%*. Yahoo Finance. Retrieved from https://finance.yahoo.com/news/galaxy-digital-glxy-jumps-16-195536951.html