Chainlink’s LINK token climbed 5.2% Monday, peaking at $16.66 before profit-taking weighed on gains, making $16.50 a key resistance level.
The breakout above $16.00 was confirmed by strong volume, with 1.82 million tokens traded at midnight UTC—nearly 70% above the daily average. Afternoon selling trimmed gains, pulling LINK back toward $16.47 and establishing a near-term consolidation range between $16.47 and $16.66.
The move comes ahead of Chainlink Rewards Season 1, launching November 11, which allows LINK stakers to earn rewards through nine partner projects using non-transferable Cubes.
Technical Levels & Outlook
- Support/Resistance: $16.47 support; $16.50 resistance.
- Chart Pattern: Higher lows intact; short-term consolidation between $16.47–$16.66.
- Targets: Clearing $16.50 could push LINK toward $16.66; a drop below $16.47 risks $16.30–$16.00 support levels.
LINK’s near-term momentum remains bullish, but reclaiming $16.50 will be pivotal for continuation.
