$LINK AMBCrypto’s in-depth analysis of LINK’s on-chain metrics shows a positive trend for the token.
Exchange outflows — which typically indicate the movement of tokens away from trading platforms — have steadily decreased over the past three days. This suggests that investors holding LINK have reduced their moves to exchanges for potential sell-offs, reflecting bullish sentiment in the market.
Interestingly, despite the bearish trend in the long-short ratio, short positions are slowly declining according to Coinglass data. This trend could be attributed to profit-taking after the recent rally. However, the continued accumulation of whales suggests that they are more focused on long-term gains rather than short-term speculation.
The continued accumulation of whales could be a signal for further price gains. Historically, an increase in whale activity has often heralded bullish rallies in the crypto market. If this trend continues, LINK could experience stronger upside momentum in the coming days.
Moreover, the slowly declining trend in the long/short ratio supports the possibility of easing selling pressure. Combined with the confidence of whales, this scenario could pave the way for LINK to test higher resistance levels.