Chainlink (LINK) Challenges Key Resistance Amid Strengthening Bullish Trends

Chainlink's native token LINK is once again testing a crucial resistance zone between $16.00 and $17.50, with its current price at $16.59. This level has historically limited upward movements, but the current attempt is supported by stronger fundamentals.

Spot market dominance and positive funding rates indicate strong trader confidence, while an 8.47% increase in open interest points to growing market participation. The daily trading volume surpassing $659 million adds credibility to this upward movement.

The market structure appears bullish, with higher lows established since early July. The MVRV ratio at 37.87% shows that most holders are in profit, though this could lead to selling pressure if the resistance holds.

Analysts highlight a bullish divergence with M2 liquidity trends, suggesting LINK remains undervalued at current prices. The $15.90 mid-range now serves as support, with consistent buyer activity above $15.20.