Chainlink (LINK) Surges Past $12 as Strategic Reserve Accumulates and Technical Pattern Emerges

Key Highlights LINK’s price reached approximately $12.11, marking a 24-hour increase of roughly 6.2% following a bounce from $11 support. Technical analyst Hov identified a completed five-wave rally from LINK’s September bottom, suggesting potential for additional upside. Key resistance barriers are positioned near $12.80-$13, with a secondary target at $15. The Chainlink strategic reserve acquired approximately 97,500 LINK tokens valued at $1.1 million, bringing total reserve holdings to 5.96 million LINK. Analyst Quinten François noted that LINK hit $55 in 2021 well before the implementation of numerous current integrations and the strategic reserve program. The Chainlink token pushed back into territory above $12 following its recent pullback, with market participants now focusing on the $12.80-$13 resistance zone. Chainlink (LINK) Price LINK’s value hovered around $12.11, representing a 6.21% gain across the 24-hour period. Throughout the trading session, the asset fluctuated within a range of $11.25 to $12.22. Data indicated 24-hour trading activity of approximately $538.65 million, with Chainlink’s overall market cap positioned near $9.06 billion. This upward movement emerged after the token found support around the $10.70-$11 weekly zone, a level that has consistently attracted purchasing interest. Technical Analysis Points to Five-Wave Pattern at $13 Threshold Cryptocurrency analyst Hov identified that LINK has finalized a five-wave rally sequence starting from its September bottom. $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 According to Hov’s technical breakdown, the setup allows for potential continuation through either a Wave C or Wave 3 formation before encountering a more significant correction. The analyst further suggested that the recent peak might constitute an expanded Wave 4 pattern. In this scenario, a subsequent bullish phase could theoretically push toward $51. This projection represents a longer-term technical possibility rather than an immediate price forecast. Examining the four-hour timeframe, LINK has bounced from approximately $10.60 to levels exceeding $12. The Bollinger Band’s upper boundary is positioned near $12.93, with the middle band around $11.73 offering immediate support. The MACD indicator has moved above its signal line, with histogram values remaining in positive territory. Futures market data presents a mixed picture. Coinglass reported a 14.91% decline in trading volume, contrasted with a 1.78% rise in open interest. Strategic Reserve Maintains LINK Accumulation Strategy Blockchain analytics from Onchain Lens revealed that the Chainlink Reserve purchased approximately 97,500 LINK tokens valued at around $1.1 million. Over the last 30 days, the reserve has accumulated roughly 480,700 LINK worth $5.5 million.