Chainlink’s LINK token climbed 5.2% on Monday, reaching a session high of $16.66 before profit-taking capped gains, highlighting near-term resistance at $16.50.
The upward move was driven by strong momentum and higher lows, with a key spike at midnight UTC when 1.82 million tokens changed hands—around 70% above the daily average. This surge confirmed a breakout above the $16.00 level, validating the rally’s strength.
Despite the momentum, LINK could not sustain levels above $16.50, as traders locked in profits during the afternoon session. Selling pressure pushed volume over 60,000 tokens during the pullback, underscoring short-term uncertainty.
The price action comes ahead of Chainlink’s Rewards Season 1, launching November 11, which will allow LINK stakers to earn rewards from nine partner projects using non-transferable points called Cubes, potentially boosting on-chain activity.
Technical Snapshot
- Support & Resistance: Immediate support is at $16.47, while $16.50 remains near-term resistance.
- Volume Analysis: Midnight breakout volume of 1.82 million confirms momentum, while afternoon selling pressure signals profit-taking.
- Chart Patterns: LINK maintains a 24-hour ascending trend with higher lows intact, though short-term consolidation is visible in the $16.51–$16.66 range.
- Targets & Risk: Sustained moves above $16.50 could target $16.66. Failure to hold $16.47 may see a drop toward $16.30, with $16.00 as a secondary support level.
In summary, LINK’s breakout reflects renewed bullish interest, but traders should watch the $16.50 zone closely as profit-taking and consolidation may limit further short-term gains.
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