Chainlink Price Surges on Buybacks and ETF Demand

Chainlink's price surged by 15% over two days due to protocol buybacks and purchases of its tokens by Bitwise ETFs, which reduced the available supply. This move came despite rising exchange inflows from traders taking short-term profits.

The derivatives trading activity declined, indicating that the rally was less driven by speculative leverage and more by institutional and spot demand.

Technically, Chainlink broke key resistance levels but is now in overbought conditions. If support holds, the next target could be $12.