Chainlink (LINK) Price News: Bounces 5.2% Breaking Through Multiple Resistances

Chainlink's token LINK saw a rebound of 5.2%, reaching a session high of $16.66, driven by a significant trading volume surge. This increase came after an upward trend characterized by consecutive higher lows, indicating strong interest from traders. Notably, a peak trading volume of 1.82 million tokens was recorded at midnight UTC, validating the breakout past the important $16.00 resistance level. However, profit-taking led to a decline, keeping LINK's price around $16.00 and capping hopes for further bullish momentum. The new resistance level is set at $16.50 following the recent attempts to break above it, while primary support hovers around $16.47. As LINK stabilizes, attention turns to its upcoming Rewards Season 1 program, which launches on November 11, allowing stakers to earn rewards from nine partner projects.

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