Chainlink Bulls Defend $8.22 Support as Breakout Hopes Rise

Chainlink's native token LINK is trading at $8.22, holding its ground as technical analysts point to a bullish chart formation and the project's ongoing buyback program reduces circulating supply.

The inverse head-and-shoulders pattern on the charts has drawn attention from crypto enthusiasts, with Crypto With Gopal highlighting the setup on X. The pattern features a left shoulder, lower head, and right shoulder that forms at a similar level to the first, with a neckline connecting the peaks between these structures.

The neckline sits between $8.40 and $8.50, representing the key resistance level that must be breached to confirm the bullish reversal. Buyers have consistently defended the $8.00 to $8.10 support zone in recent sessions, with Crypto With Gopal noting this is a crucial floor for the developing chart structure.

The ongoing buyback program has seen Chainlink repurchase 126,068 LINK tokens this week, representing an expenditure of approximately $1.02 million. The cumulative total now stands at 5.211 million LINK purchased, valued at $42.94 million.