Chainlink’s LINK token rallied 15% in two days as recurring protocol buybacks and Bitwise Chainlink ETF purchases added demand. Chainlink bought 103,041 LINK for about $1.09 million during the week, while Bitwise purchased more than 127,000 LINK worth approximately $1.36 million through Wintermute. Those flows faced rising exchange deposits, with Spot Netflow reaching $4.83 million on Aug. 21, exceeding the latest weekly buyback. Derivatives activity weakened during the rally: volume fell 30.65% to $788.53 million and Open Interest declined 4.45% to $686.14 million, suggesting the advance was less dependent on new leverage. LINK broke above resistance near $9.537 and the $10.693 supply zone, reaching approximately $10.91. RSI rose to 82.87, indicating deeply overbought conditions, while MACD remained bullish. Holding above $10.693 could expose $12.00 as the next major resistance; a rejection could redirect the price toward $9.537, with $8.778 as additional support.