Ethereum is holding firm above $4,200, and the altcoin market is starting to heat up again. One of the standout performers this week has been Chainlink (LINK), which has rallied around 40% in just a few days, pushing the price above $22. Traders are paying attention, and now a fresh price target from a crypto analyst is adding more fuel to the discussion.

Crypto analyst Jeremy Fielder shared a chart and announced he’s raising his LINK price target for this cycle to $200. His argument isn’t based purely on hype – it’s tied to a supply shock that could be building in the background.

Fielder explains that Chainlink has been actively reducing the circulating supply of LINK every week through buybacks. This is a strategy you usually see in traditional markets, where companies buy back their own shares to create scarcity and support the share price. By applying this in crypto, Chainlink could be setting the stage for a supply squeeze.

With a hard cap of 1 billion LINK tokens, every buyback removes tokens from the open market, making them harder to get over time. When combined with growing demand for blockchain infrastructure – especially oracles that feed real-world data into smart contracts – the effect could be significant. LINK is already the leading player in this space, powering countless DeFi platforms, tokenized asset projects, and cross-chain systems.

Fielder’s chart shows LINK trading inside a long-term ascending triangle, with the red “Last Call” trendline acting as the final major resistance. If LINK can close above that level, the price could accelerate toward higher targets.

The Fibonacci retracement levels highlight important milestones: $31.40 (0.5 level), $48.60 (0.618 level), and $90 (0.786 level). Beyond those lies his $200 target zone, which would represent a huge move from current prices. On the downside, $20 and $13 remain important support areas if the rally pauses or retraces.

This bullish outlook comes as Ethereum has just broken past $4,300 for the first time since 2021 before pulling back slightly. The market mood is shifting, and many traders believe we could be in the early stages of an altseason.

If Chainlink’s buybacks continue and demand keeps rising, the combination of reduced supply and a favorable technical setup could push LINK much higher. Even though $200 might seem far off now, the same was said about LINK hitting $50 in the last cycle – and it got there faster than most expected.

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The post Analyst Lifts Chainlink Price Target to $200 as Buybacks Boost Bull Case appeared first on CaptainAltcoin.

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