Chainlink’s LINK token rose 5.2% on Monday, reaching a high of $16.66 before profit-taking capped the rally, marking $16.50 as a key short-term resistance.
The surge was driven by steady buying pressure, with a notable spike of 1.82 million tokens traded at midnight UTC—about 70% above the daily average—confirming the breakout above $16.00.
Profit-taking in the afternoon pulled LINK back toward $16.47, establishing a consolidation range between $16.47 and $16.66. The move comes ahead of Chainlink Rewards Season 1 on November 11, which allows stakers to earn token rewards from nine partner projects using non-transferable Cubes.
Technical Snapshot
- Support/Resistance: $16.47 support; $16.50 immediate resistance.
- Volume: Midnight surge validates the breakout; afternoon decline signals short-term selling pressure.
- Chart Patterns: Ascending trend with higher lows remains intact; $16.51–$16.66 defines near-term boundaries.
- Targets: Reclaiming $16.50 could extend gains toward $16.66; failure below $16.47 risks testing $16.30, with $16.00 as further support.
While LINK shows renewed bullish momentum, $16.50 will be the critical level for determining the token’s next directional move.
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