Chainlink Price Sees Bullish Inverse Head-and-Shoulders Formation

Chainlink's price has been stable over the past day, trading at $8.22 with a 24-hour volume of $192.86 million and a market capitalization of $6.15 billion.

Crypto analyst Crypto With Gopal identified an inverse head-and-shoulders pattern forming in the token's chart, which is often associated with a change from a downtrend to an uptrend.

The buyers have been defending the support zone between $8.00 and $8.10, and if they can break above the $8.40-$8.50 neckline, it could confirm bullish momentum and push the price towards $9.00.

Chainlink's token buyback program has reached 5.211 million LINK, worth $42.94 million, with a steady pace of purchases in recent weeks.