Chainlink’s native token link It rebounded on Monday, advancing 5.2% in the 24-hour period to a session high of $16.66 before earnings kicked in.
The price jump followed a steady upward trend with higher lows and strong participation from traders, but the failure to hold above $16.50 signaled near exhaustion, Coindesk Research’s technical analysis model said.
The most significant move came at midnight UTC, when 1.82 million tokens changed hands – almost 70% above the daily average – confirming a breakout through the critical $16.00 level and confirming the momentum of the rally.
However, the Uptrend stalled as traders started taking profits near the session highs. Volume exceeded 60,000 tokens in a brief sell-off after 14:00 UTC, knocking the link back around $16, capping bullish continuation attempts for now, the model said.
The action took place just ahead of ChainLink’s Season 1 rewards, set to launch November 11. The program allows eligible link stakers to earn token rewards from nine partner projects by allocating non-transferable points called Cubes.
Basic levels of technical integration levels for the link
- Support/Resistance: Key support was established at $16.47 following the breakdown, with $16.50 now serving as immediate resistance after the failed breakout attempt.
- Quantitative Assessment: Midnight Surge at 1.82m shares (69% above average) Confirms the validity of the breakout, although subsequent selling pressure exceeds 60k volume during the reversal
- Chart patterns: 24-hour uptrend with higher lows intact despite 60-minute consolidation failure; $16.51-$16.66 The range refers to the near boundaries
- Targets and Risk/Reward: Bulls Target Return above $16.50 for continuation towards $16.66, while breakdown below $16.47 could test $16.30 support with $16.00 as ultimate downside target
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