Chainlink’s native token LINK rebounded on Monday, rising 5.2% over a 24-hour period to reach a high of $16.66 before profit-taking began.
The price rally followed a steady uptrend with higher lows and heavy trader participation, but failure to hold above $16.50 signaled near-term exhaustion, according to CoinDesk Research’s technical analysis model.
The largest move occurred at midnight UTC, when 1.82 million tokens changed hands – almost 70% above the daily average – confirming a breakout of the critical $16.00 level and validating the rally’s momentum.
However, the uptrend came to a halt as traders began taking profits near session highs. Volume exceeded 60,000 tokens during a short sale after 2:00 p.m. UTC, bringing LINK back to around $16, capping attempts at further bullish continuation for now, the model said.
The action happened just ahead of Season 1 of Chainlink’s Rewards, which is scheduled to launch on November 11. The program allows eligible LINK participants to earn token rewards from nine partner projects by awarding non-transferable points called Cubes.
Signal Consolidation of Key Technical Levels for LINK
- Support/Resistance: Primary support is established at $16.47 after the breakout, with $16.50 now serving as immediate resistance after the failed breakout attempt.
- Volume analysis: The midnight rise to 1.82 million shares (69% above average) confirms the validity of the breakout, although subsequent selling pressure exceeds the 60,000 volume during the reversal.
- Chart templates: 24-hour upward trend with higher lows intact despite 60-minute consolidation failure; $16.51-$16.66 Range Sets Short-Term Limits
- Targets and risk/reward: Bulls are eyeing a return above $16.50 for a continuation towards $16.66, while a break below $16.47 could test support at $16.30 with $16.00 as the ultimate downside target.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
