Chainlink Price Consolidates Above $11 as Traders Eye $12 Resistance
Chainlink's price has been consolidating around $11.39 after a significant 38.3% rally in August, according to TronWeekly. The token is currently trading at $11.389, up 2.20% over the past 24 hours.
The recent price action suggests that traders are focusing on the $12 resistance level, with high trading volumes and elevated open interest contributing to the bullish setup.
Chainlink's technical setup remains strong, with the token trading above its major moving averages, including the 20-day EMA at $10.715. This supports the bullish path, although a rejection of the $12 resistance could bring LINK toward the $10.715 EMA or even the $9.363 support area.
The official Chainlink account's recent post adds to the broader ecosystem angle, highlighting the token's role in connecting the blockchain network.