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

Chainlink (LINK) experienced a rebound, advancing 5.2% overnight to a session high of $16.66, supported by a significant volume surge of 1.82 million tokens, which is 69% above the 24-hour average. This jump helped LINK break through the crucial $16.00 resistance level, establishing higher lows throughout the upward trend. However, profit-taking activities began to limit further price increases as it struggled to maintain levels above $16.50. Following this, a notable sell-off occurred, resulting in volume exceeding 60,000 tokens, which pulled LINK back to around $16. The upcoming launch of Chainlink’s Rewards Season 1, allowing LINK stakers to earn from partner projects, adds another layer to market dynamics. Despite the near-term consolidation signals, bulls are targeting a return over $16.50 for continued upward momentum, with key support appearing at $16.47 and $16.30 as potential fallback levels.

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