Chainlink (LINK) Price: LINK Rebounds Above $12 as Reserve Buying and Bullish Setup Draw Attention

TLDR

LINK traded around $12.11, up about 6.2% over 24 hours after rebounding from support near $11. Analyst Hov said LINK has completed a five-wave advance from its September low and could still have another move higher. Short-term resistance sits around $12.80-$13, with $15 above that level. Chainlink’s strategic reserve reportedly bought about 97,500 LINK worth $1.1 million, lifting total holdings to 5.96 million LINK. Analyst Quinten François highlighted that LINK previously reached $55 in 2021 before many of Chainlink’s current integrations and reserve programs existed.

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Chainlink traded back above $12 after recovering from its recent lows, with traders now watching resistance around $12.80-$13.

Chainlink (LINK) Price

LINK was priced near $12.11, up 6.21% over 24 hours. The token traded between $11.25 and $12.22 during the session.

Reported 24-hour trading volume stood near $538.65 million, while Chainlink’s market capitalization was around $9.06 billion.

The move followed a rebound from weekly support around $10.70-$11, an area that has recently attracted buyers.

LINK Tests $13 as Five-Wave Structure Develops

Crypto analyst Hov said LINK has completed a five-wave advance from its September low.

$LINK bull market loading…

Last update I said LINK was close, but not ready

We needed one more push higher into resistance to complete the 5 off the low

We got it

And now the chart gets interesting

We finally have the structure needed to start hunting for a potential A+… pic.twitter.com/vGuCJwadCL

— Hov (@HovWaves) September 17, 2026

Hov’s analysis leaves room for another move higher through a possible Wave C or Wave 3 structure before a larger retracement develops.

The analyst also said the latest high could represent an expanded Wave 4. Under that setup, another upward leg could eventually extend toward $51.

That remains a longer-term technical scenario rather than a confirmed price target.

On the four-hour chart, LINK has recovered from around $10.60 to above $12. The upper Bollinger Band sits near $12.93, while the middle band around $11.73 provides nearby support.

MACD has crossed above its signal line, with the histogram holding above zero.

Derivatives data is more mixed. Coinglass showed trading volume falling 14.91%, while open interest increased 1.78%.

Chainlink Reserve Continues Buying LINK

On-chain data shared by Onchain Lens showed that the Chainlink Reserve bought about 97,500 LINK worth roughly $1.1 million.

The reserve reportedly accumulated around 480,700 LINK worth $5.5 million over the past 30 days. Total holdings reached about 5.96 million LINK, valued near $68.71 million.

Analyst Quinten François also commented on LINK’s longer-term position on X. He pointed out that LINK reached about $55 in 2021 before developments such as SWIFT and CCIP work, DTCC integration, reserve buying, institutional tokenization and other current Chainlink uses were in place.

ethereum:0x514910771af9ca656af840dff83e8264ecf986ca reached $55 in 2021 without:

• SWIFT + CCIP
• DTCC integration
• Chainlink Reserve buying $LINK
• Institutional tokenization
• $110B+ in value secured
• Major banks building with it
• Coinbase tokenized stocks
•…

— Quinten (@QuintenFrancois) September 19, 2026

A longer-term chart shared alongside his comments shows LINK approaching a descending resistance line stretching back to its 2021 peak.

For now, LINK remains below that multi-year trendline while testing the nearer $12-$13 resistance zone, with $11 standing as the closest support area.

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