Chainlink’s LINK token climbed 5.2% on Monday, hitting a session high of $16.66 before profit-taking capped gains, highlighting $16.50 as a near-term resistance level.
The surge was fueled by strong buying pressure and higher lows, with a notable spike at midnight UTC when 1.82 million tokens traded—about 70% above the daily average—confirming a breakout above $16.00.
However, LINK struggled to hold above $16.50 as traders booked profits, sending volume over 60,000 tokens during the subsequent pullback. The token now consolidates in the $16.47–$16.66 range, testing support and resistance levels.
The price action coincides with the upcoming Chainlink Rewards Season 1 on November 11, where stakers can earn rewards from nine partner projects via non-transferable points called Cubes.
Technical Overview
- Support/Resistance: $16.47 support holds, $16.50 immediate resistance.
- Volume: Midnight surge validates breakout; afternoon selling shows short-term profit-taking.
- Chart Patterns: Ascending trend with higher lows intact; short-term consolidation between $16.51–$16.66.
- Targets: A sustained move above $16.50 could push LINK to $16.66. Failure to defend $16.47 may test $16.30, with $16.00 as the next support.
LINK’s recent breakout confirms renewed bullish interest, but the $16.50 zone will be key for determining near-term price direction.
