Chainlink Rallies 5% but Faces Resistance at $16.50
Chainlink’s LINK token surged 5.2% on Monday, reaching a session high of $16.66 before profit-taking capped gains. A spike in trading volume confirmed a breakout above $16, but selling near session highs introduced near-term uncertainty.
The largest move occurred around midnight UTC, when 1.82 million tokens changed hands—70% above the daily average—validating the breakout. However, afternoon selling of 60,000 tokens pushed LINK back to around $16, signaling short-term exhaustion.
The rally comes ahead of Chainlink’s Rewards Season 1 launch on November 11, allowing eligible stakers to earn token rewards from nine partner projects via non-transferable points called Cubes.
Technical Snapshot:
- Support/Resistance: Support at $16.47, resistance at $16.50.
- Volume: Midnight surge confirmed the breakout; later selling capped gains.
- Chart Patterns: Higher lows remain intact; $16.51–$16.66 defines short-term range.
- Targets & Risk: Reclaiming $16.50 could push LINK toward $16.66; a drop below $16.47 risks a move to $16.30–$16.00.
The session highlights strong momentum but underscores caution near key resistance.
