Chainlink (LINK) price has rebounded from a major support zone near $17, where over 54.5 million tokens have been accumulated.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
2 mins read
Chainlink LINK $17.58 24h volatility: 0.8% Market cap: $12.25 B Vol. 24h: $668.21 M has grabbed the limelight in the past few days, clocking nearly 10% weekly gains, with its market cap flirting around $12 billion.
Over the last 24 hours, the LINK price has bounced back from the strong support zone at $17, with experts seeing it as a strong accumulation zone. Crypto market experts believe that a breakout past $20 could set the stage for the next leg of the rally to $100.
Popular crypto market analyst Ali Martinez noted that Chainlink has been trading at a strong support zone around $17, showing signs of upside recovery.
More than 54.5 million LINK tokens have been accumulated at that price point, forming what he described as a “massive support wall.”
Chainlink finds strong support at $16. | Source: Ali Martinez
From a technical standpoint, Martinez noted that LINK price appears to be forming a symmetrical triangle pattern. This setup often leads to a major breakout, which could be in either direction.
From a technical perspective, Chainlink $LINK appears to be forming a symmetrical triangle.
A break and close above $25 could trigger a bullish breakout, opening the path to $53 or even $100.https://t.co/ZB78FY3W4l
— Ali (@ali_charts) October 23, 2025
Martinez added that a decisive break and close above $25 could ignite a bullish rally, potentially sending the token toward $53 or even $100 in the coming months.
Crypto analyst Ali Martinez reported that large holders have accumulated more than 13 million Chainlink tokens over the past two weeks.
The accumulation comes despite broader market weakness, suggesting that whales are taking advantage of the recent price dip.
Over the past two weeks, as the market sold off, whales accumulated over 13 million $LINK tokens.https://t.co/KkC8qVdjqW
— Ali (@ali_charts) October 23, 2025
On the other hand, the Chainlink Foundation is buying back LINK tokens as part of its reserve plans, thereby arresting further downside. The Chainlink Reserve is financed through revenue generated from both on-chain and off-chain services. It effectively reduces the circulating supply of LINK in the market and supports stronger demand for the token.
The recent buyback of 63,481 LINK tokens on Thursday, the second-largest inflow since inception, has helped stabilize Chainlink’s price and prevent further losses.
As of Friday, the Chainlink Reserve holds 586,641 LINK, valued at approximately $10.2 million.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
