Chainlink Faces Resistance at $16 – Can Bulls Protect $15 Support?
- Chainlink (LINK) trades at $15.1, up 1.3% in 24 hours after testing the $16 resistance zone.
- 24-hour trading volume surged 21.4% to $1.03 billion, showing renewed trader activity.
- The project’s market cap rose to $10.58 billion, ranking #12 among global cryptocurrencies.
Chainlink Price Struggles to Sustain Post-Rally Gains
As of Saturday, November 8, Chainlink (LINK) is trading around $15.18, posting a 1.3% gain over the past 24 hours. The token’s performance shows mixed momentum after a strong rally attempt that briefly lifted prices near the $16.00threshold. However, resistance at that level triggered a pullback, indicating that bullish energy is starting to fade in the short term.
LINK opened near $15.79, but intraday volatility saw prices dip 1.47% from that level before rebounding modestly. The market’s reaction suggests that traders remain cautious despite the broader weekly recovery.
Chart Analysis: $16 Acts as Short-Term Ceiling
The attached TradingView chart reveals that Chainlink’s price action over the past 48 hours has been marked by a rapid recovery from $14.40 lows, followed by a strong rally above $15.80. Yet, after testing $16.20, LINK faced heavy selling pressure that brought it back toward the $15.20–$15.30 range.
This rejection from $16.00 underscores the resistance strength at that zone. Unless LINK breaks above this ceiling with convincing volume, sideways consolidation between $14.80 and $15.60 remains the most likely near-term scenario.
Market Metrics: Volume Surge Signals Renewed Interest
According to the latest data, Chainlink’s market cap sits at $10.58 billion, supported by a 24-hour trading volume of $1.03 billion, up 21.38%, a sign that both retail and institutional interest is returning.
The token’s circulating supply is 696.84 million LINK, representing nearly 70% of its total and max supply (1 billion LINK). The volume-to-market-cap ratio of 9.7% highlights a healthy level of activity compared to peers, suggesting that traders are actively positioning for potential breakout moves.
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Recent Developments: Enterprise Partnerships Fuel Optimism
Investor confidence in Chainlink has recently been buoyed by reports of new enterprise integrations, including a partnership with SBI Digital Markets. These collaborations aim to enhance cross-chain interoperability and real-world asset tokenization, two key drivers of LINK’s long-term value proposition.
However, while fundamentals remain strong, technical charts still point to lingering bearish undertones from early November’s selloff. The inability to maintain momentum above $16 indicates that bulls may need stronger catalysts, such as additional ecosystem adoption or on-chain growth, to reignite upward momentum.
Outlook: $15 Support Critical for Bulls
If Chainlink manages to hold above $15, it could stabilize and build a base for another push toward $16.20. A confirmed breakout above that level would target the $16.80–$17 zone next. Conversely, a close below $14.8 may expose LINK to renewed selling pressure, potentially dragging prices back toward $14.4.
Despite short-term hesitation, Chainlink continues to demonstrate resilience, with growing institutional partnerships and strong trading volume providing a foundation for recovery.
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