Chainlink Soars 18% in 3 Days: Are Whales Boosting LINK's Surge?

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Chainlink (LINK) has significantly rebounded over the past three days, with its price jumping 18% from a key support level of $19, becoming the focus of the recent crypto market. The concentrated buying by whales and positive changes in market indicators further solidify LINK's upward potential.

Whales Accumulating 1.4 Million LINK Driving the Rebound

Market data shows that large holders have purchased over 1.4 million LINK in the past 96 hours. This accumulation by whales is often seen as a sign of market confidence, providing strong support for LINK's rebound.

Meanwhile, the decrease in exchange outflows indicates that LINK holders preparing to sell are reducing, which further strengthens the bullish sentiment in the market.

On-Chain Indicators and Market Sentiment

Decrease in Exchange Outflows

The outflow of LINK from exchanges has steadily declined over the three days, indicating that investors are more inclined to hold long-term rather than cash out short-term.

Bearish Long-Short Ratio, but Shorts Decreasing

Although the current long-short ratio shows a bearish trend, Coinglass data indicates that short positions are gradually decreasing. This phenomenon may be due to profit-taking following the recent gains, but overall selling pressure remains low.

Whales' Long-Term Confidence

The continued buying by whales shows that they are focused on long-term returns rather than short-term speculation. Historical data indicates that increased whale activity is often related to subsequent market rebounds.

Future Trend of LINK

Whale activity and fund flow trends suggest that LINK may continue to test higher resistance levels in the coming days. If the current trend holds, the price may rise further, especially as selling pressure diminishes.

However, the market may still be influenced by profit-taking in the short term, so investors should be cautious of potential pullbacks in LINK during the uptrend. Nonetheless, the overall trend for LINK remains optimistic.