LINK Climbs 5% but Struggles to Clear $16.50 Level

Chainlink Rallies 5% but Hits Resistance at $16.50 Amid Profit-Taking

Chainlink’s LINK token rebounded sharply on Monday, climbing 5.2% to a session high of $16.66 before profit-taking tempered gains. Strong volume confirmed a breakout above the $16 mark, but near-term uncertainty emerged as traders booked profits.

LINK’s advance followed a clear uptrend with higher lows and robust trading activity. The most significant surge occurred at midnight UTC, when 1.82 million tokens changed hands—about 70% above the daily average—validating the breakout and rally momentum.

However, the uptrend stalled in the afternoon, as a short-term sell-off of over 60,000 tokens pushed LINK back toward $16, signaling near-term exhaustion.

The price action coincides with the launch of Chainlink’s Rewards Season 1 on November 11, which will allow eligible LINK stakers to earn rewards from nine partner projects using non-transferable points called Cubes.

Technical Snapshot

• Support/Resistance: Immediate support is $16.47, while $16.50 now acts as near-term resistance after the breakout failed to hold.
• Volume: Midnight spike of 1.82 million tokens confirmed the breakout, but follow-up selling of 60,000 tokens capped gains.
• Chart Patterns: The 24-hour ascending trend with higher lows remains intact despite short-term consolidation. The $16.51–$16.66 range defines near-term boundaries.
• Targets & Risk: Bulls aim to reclaim $16.50 to push toward $16.66. A breakdown below $16.47 could test $16.30, with $16.00 as the next key support.

The session reflects both strong bullish momentum and caution, as traders weigh upside potential against profit-taking near critical resistance levels.

About The Author

ctleditor

See author's posts