Chainlink Rallies 5% but Struggles at $16.50 Resistance
LINK, Chainlink’s native token, surged 5.2% on Monday, reaching a session high of $16.66 before profit-taking pushed it back near $16. A spike in trading volume confirmed the breakout above $16, but the token’s failure to hold above $16.50 highlights short-term resistance.
The most active trading occurred around midnight UTC, with 1.82 million LINK changing hands—70% above the daily average—validating the rally. Afternoon selling of 60,000 tokens capped gains, indicating cautious trader behavior.
The rally coincides with the upcoming launch of Chainlink Rewards Season 1 on November 11, where eligible LINK stakers can earn rewards from nine partner projects using non-transferable points called Cubes.
Key Levels:
- Support: $16.47
- Resistance: $16.50
- Near-term Range: $16.51–$16.66
- Targets: Reclaiming $16.50 could drive LINK to $16.66; a drop below $16.47 risks testing $16.30–$16.00.
While LINK shows bullish momentum, $16.50 remains a critical pivot for traders to watch.
