Chainlink Rallies as Buyback Sparks Optimism, Whales Add Millions of LINK

• Chainlink whale wallets added nearly 2 million LINK over 48 hours, signaling strong confidence and growing institutional interest.
• LINK price is trading at $23.45, above support at $22.58, with analysts noting that a close above $25 could trigger a rally to $30.

Chainlink’s native cryptocurrency LINK has recently seen an uptick in demand amid recent buybacks by the Chainlink Foundation.

As a result, LINK price made steady moves to $25 as market sentiment improved. Furthermore, with the rising demand for LINK reserves, whale activity surrounding the altcoin is also picking up.

Chainlink Foundation Expands Its LINK Reserves, Whale Scoops 2M LINK

The Chainlink Foundation’s LINK Reserve has boosted its holdings by 43,067.70 LINK tokens on Thursday, September 18, thereby bringing the total holdings to 323,116.40 LINK. Moreover, the accumulation reflects growing confidence from the Chainlink team, while reduced circulating supply supports rising demand, as previously reported by CNF.

The reserve acquires LINK through off-chain revenue from corporate partners and on-chain revenue from services. Over the past 48 hours, whale wallets have added nearly 2 million LINK, signaling strong conviction in a potential bullish continuation.

Analysts further noted that such large-scale accumulation often precedes ecosystem expansions and reinforces technical breakout patterns. Increased inflows into long-term wallets indicate rising interest from institutional and high-net-worth investors. This further strengthens the bullish outlook for a LINK price rally ahead.

Additionally, the Oracle Services Platform is also making major strides in the decentralized finance (DeFi) market, while hitting more than $100 billion in total value locked (TVL) earlier this week, as mentioned in our previous story.

Analysts Expect the LINK Price Upside Ahead

The LINK has shown resilience following its recent dip, maintaining focus on key resistance levels. The token is currently trading at $23.45, just above immediate support around $22.58.

A decisive close above $25 could open the door for a rally toward the $30 level, a point that has historically capped prior upward moves, noted crypto analyst Ali Martinez. Beyond this, technical analysis points to a Fibonacci projection targeting $46.85.

Some analysts are even projecting a potential 184% surge, which could push LINK toward $79, signaling a parabolic breakout phase similar to previous cycles.

Maintaining momentum above $22 is seen as crucial for confirming these bullish targets and supporting a strong long-term outlook for Chainlink.

Data from CoinGlass shows that bullish positions on LINK have risen to 50.18% over the past three days, up from 48.89% on Wednesday, reflecting growing risk-on sentiment among investors.

Meanwhile, LINK’s Open Interest (OI) stands at $1.70 billion, slightly down from $1.77 billion on Thursday. Despite this minor decline, OI remains elevated, sustaining a short-term recovery after rebounding from $1.50 billion in early September.