Chainlink (LINK) Price: Is a $9 Breakout Finally Coming?

TLDR

• Chainlink (LINK) trades at $8.22, with a 24-hour volume of $192.86 million and a market cap of $6.15 billion.
• An inverse head-and-shoulders pattern is forming, pointing to a possible bullish reversal.
• Buyers are defending the $8.00–$8.10 support zone.
• A breakout above $8.40–$8.50 could push LINK toward $9.00.
• Chainlink’s token buyback program has now reached 5.211 million LINK, worth $42.94 million.

Chainlink (LINK) is trading at $8.22 as of writing. The token has a 24-hour trading volume of $192.86 million.

Its market capitalization sits at $6.15 billion. Price action over the past day has stayed fairly stable.

Buyers have kept LINK above the $8.00 mark. This has caught the attention of chart analysts watching for a trend shift.

Chainlink Price on CoinGecko

Chart Pattern Points to Reversal

Crypto analyst Crypto With Gopal posted on X that LINK is forming an inverse head-and-shoulders pattern. This is a chart shape often linked to a change from a downtrend to an uptrend.

Gopal pointed out that buyers keep defending the zone between $8.00 and $8.10. That support has held firm through recent trading sessions.

The next hurdle sits at the neckline, between $8.40 and $8.50. A close above that range would confirm the pattern.

If that happens, the next target on the chart is $9.00. More buying volume would help support that move.

Failure to hold the $8.00–$8.10 zone would weaken the setup. That could stall the recovery before it starts.

Buyback Program Keeps Growing

Separately, analyst Nazoku shared data on X about Chainlink’s ongoing token buyback program. The post showed the project bought back 126,068 LINK this week.

That purchase cost close to $1.02 million. It adds to a buyback effort that has been running for some time.

In total, Chainlink has now repurchased 5.211 million LINK. The total value of those buybacks stands at $42.94 million.

Nazoku’s data suggests the pace has stayed steady in recent weeks. The weekly purchase size has not changed much.

If Chainlink keeps buying at this rate, around 21 more buybacks could happen before the end of 2026. That would add roughly $21 million more in LINK purchases.

Compared to the $6.15 billion market cap, the buyback total is still small. It represents a fraction of the overall token supply.

Even so, the steady pattern of purchases has kept some traders watching the token’s supply side closely. It is one factor sitting alongside the chart setup.

For now, the two stories sit together. Chart watchers are focused on the $8.40–$8.50 resistance zone.

Buyback trackers are focused on the next weekly purchase update. Both groups are watching the same $8.00 support level as a base line.

LINK last traded at $8.22, with the $8.00–$8.10 zone holding as support and the $8.40–$8.50 neckline as the next test.

The post Chainlink (LINK) Price: Is a $9 Breakout Finally Coming? appeared first on Blockonomi.