Chainlink recovers: Token buyback drives up demand and price!

Chainlink recovers: Token buyback drives up demand and price!

Chainlink (LINK) has recently undergone a remarkable development that is piquing investor interest. On October 9, 2025, the cryptocurrency market reports with optimistic news for LINK. The token has pulled away from a local support line as bulls aim for further gains. This positive market sentiment is supported by a buyback announcement from the company, where over 43,000 tokens were bought back last Thursday. LINK is currently trading above $24, maintaining over 2% gains since the buyback event.

Additionally, derivatives data analysis shows steady demand for LINK as Open Interest (OI) stands at $1.70 billion, despite a decline of $1.77 billion on Thursday. Buying interest has surged, with bullish bets on LINK rising to 50.18% over the past three days, compared to 48.89% on Wednesday. These developments indicate increasing investor confidence in Chainlink’s future price performance.

Buyback and token accumulation

Chainlink’s decision to buy back 43,067.70 LINK tokens brings its total holdings to 323,116.40 LINK tokens. This buyback not only reflects increasing confidence from the Chainlink team, but also ensures reduced supply, fueling demand. Chainlink has recently accumulated tokens from off-exchange revenue and on-chain services, contributing to a healthy economic ecosystem for the cryptocurrency.

The analysis of the chart patterns also shows a positive development. LINK has stabilized above the key 78.6% Fibonacci retracement level at $24.35. A close above this point could lead to a rally towards last week's previous high at $25.64. The next potential resistance levels are at the August high of $27.87 and the December 3 high of $30.94.

Market dynamics and technical indicators

The technical indicators also signal positive market dynamics. The Relative Strength Index (RSI) is at 56, indicating increasing buying pressure. In addition, the Moving Average Convergence Divergence (MACD) indicates a neutral trend change. However, should LINK close below Wednesday's low at $22.75, it would confirm a break of the support trendline and potentially lead to a decline in prices.

Immediate support levels include the 50-day Exponential Moving Average at $22.44 and the 100-day EMA at $20.34. The market therefore continues to be closely watched as analysts and investors wait to see whether LINK can continue its upward move and potentially reach new highs.

The latest developments on Chainlink show that the token is able to maintain its position in the volatile cryptocurrency market. It remains to be seen how the sentiment and the technical indications will develop in the coming days.

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