Chainlink LINK Faces Key Resistance at $17.39 as Traders Eye Breakout Potential
Chainlink's LINK token is nearing a crucial resistance level at $17.39, a point that has historically limited upward movements. Currently trading at $16.59, the asset shows strength with consistent buying pressure and higher lows.
Bullish sentiment dominates the spot market, with aggressive buyers outnumbering sellers, supporting potential continuation rallies. However, the MVRV Ratio's rise to 37.87% indicates overheated conditions, with most holders now in profit.
While increasing Open Interest and steady spot demand suggest upward momentum, limited exchange-wide activity raises concerns about the sustainability of any breakout. Traders are closely watching for either a decisive break above resistance or another rejection at this pivotal level.
