Linked modulators (also known as "modulator-to-modulator" connections) are a feature of the SoundFont 2 specification that allows one modulator's output to be used as the input source for another modulator. This enables complex modulation routings that would be impossible with simple generator-targeting modulators alone.
Note: Sobanth was one of the first (if not the first) software SoundFont synthesizers to implement linked modulator support, predating FluidSynth's failed implementation attempt. As noted in the FluidSynth issue tracker:
"One more comment: unless I missed something in the spec, then linked modulators are a little 'under specified'. Meaning that there is no single correct way to implement linked modulators."