Chainlink’s native token LINK bounced back on Monday, rising 5.2% over the 24-hour period to a session high of $16.66 before profit-taking started.
The price bounce followed a steady uptrend with higher lows and strong participation from traders, but the failure to hold above $16.50 signaled near-term exhaustion, CoinDesk Research’s technical analysis model said.
The key move came at midnight UTC, when 1.82 million tokens changed hands – nearly 70% above the daily average – confirming a breakout through the critical $16.00 level and validating the rally’s momentum.
However, the uptrend stalled as traders began to take profits near session highs. Volume exceeded 60,000 tokens in a brief sell-off after 14:00 UTC, knocking LINK back to around $16, limiting bullish continuation attempts for now, the model said.
The action took place just before Chainlink’s Rewards Season 1, which is set to launch on November 11. The program allows qualified LINK players to earn token rewards from nine partner projects by awarding non-transferable points called Cubes.
Technical key levels Signal consolidation for LINK
- Support/Resistance: Primary support is set at $16.47 following the breakdown, with $16.50 now serving as immediate resistance following the failed breakout attempt
- Volume analysis: Midnight increase to 1.82 million. shares (69% above average) confirm breakout validity, although subsequent selling pressure exceeds 60,000 volume during retracement
- Chart Patterns: 24-hour uptrend with higher lows intact despite 60-minute consolidation failure; The $16.51-$16.66 range defines short-term limits
- Objectives and risk/reward: Bulls target a return above $16.50 to continue towards $16.66, while a break below $16.47 could test $16.30 support with $16.00 as the ultimate downside target
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
