Chainlink Token Buyback Boosts Price Above $24
Chainlink (LINK) trades above $24 on Friday. The price holds gains of over 2% from Thursday. This rise follows a buyback of more than 43,000 LINK tokens. The buyback shows confidence from the Chainlink team. Derivatives data also point to growing optimism among investors.
Chainlink Increases Its LINK Reserves
On Thursday, Chainlink Reserve bought back 43,067.70 LINK tokens. This raised the total reserves to 323,116.40 LINK. The buyback reduces supply and supports demand. Chainlink funds these purchases using revenue from corporate clients and on-chain services.
Derivatives Data Show Growing Investor Confidence
Data from CoinGlass reveal that bullish bets on LINK rose to 50.18% over three days. This is up from 48.89% on Wednesday. The increase shows more investors are taking risk. LINK’s open interest stands at $1.70 billion, slightly down from $1.77 billion on Thursday. Despite this, open interest remains high, supporting a short-term recovery.
LINK Holds Key Support and May Rally Further
LINK bounced off a local support trendline connecting lows from June 22 and August 2. It stays above the 78.6% Fibonacci retracement level at $24.35. This level is based on the December 13 high of $30.94 and the April 7 low of $10.10. A close above $24.35 could push LINK toward last week’s high at $25.64.
Further resistance lies near August’s high at $27.87 and the December 3 high of $30.94. The Relative Strength Index (RSI) rose to 56, showing more buying pressure. However, the MACD indicator remains neutral, signaling no clear trend yet.
If LINK falls below Wednesday’s low at $22.75, it may break the support trendline. In that case, the 50-day Exponential Moving Average (EMA) at $22.44 could provide support. Below that, the 100-day EMA at $20.34 may act as the next support level.
