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 CoinGeckoChart 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. $LINK — Chainlink $LINK is printing a bullish inverse head & shoulders formation, with buyers strongly defending the $8.00–$8.10 support zone. A breakout above the $8.40–$8.50 neckline could confirm bullish momentum and open the door toward the $9.00 target zone. … pic.twitter.com/oLfwxcDXqc — Crypto With Gopal (@cryptowithgopal) August 6, 2026 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. This week, Chainlink bought back 126.068K $LINK worth $1.02m, bringing its total buybacks to 5.211m $LINK, valued at $42.94m. Based on this pace, there should be 21 more buybacks between now and the end of 2026, totaling roughly $21m+. It's a modest amount, but hey—better than… https://t.co/EVIxDbIoVbpic.twitter.com/saPiDNsdiZ — Nazoku (@Nazo_ku) August 6, 2026 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.