Chainlink [LINK] has become the focus of cryptocurrency investors after a recent significant surge. In just the past three days, LINK has soared by about 18% after bouncing off the key support area around $19. Despite market volatility, the rebound suggests strong asset strength.

The noticeable increase in whale activity also adds momentum to the upward trend. Large holders have purchased over 1.4 million LINK in the past 96 hours.

Such a large accumulation often suggests that the confidence of Chainlink's major investors is continuously strengthening, potentially indicating a long-term bullish sentiment.

Exchange outflows have decreased, but LINK whales show confidence.

By observing LINK's on-chain metrics, it has been found that the token is showing a positive trend. Exchange outflows (which typically indicate tokens leaving trading platforms) have steadily decreased over the past three days.

This indicates that the number of LINK holders transferring assets to exchanges for potential sell-offs is decreasing, reflecting optimistic market sentiment.

Interestingly, despite the bearish long-short ratio, Coinglass data shows that short positions are slowly declining. This trend may be attributed to profit-taking after the recent rise.

However, the steady accumulation by whales indicates that they are focused on long-term gains rather than short-term speculation.

Does whale activity drive up prices?

The continued accumulation by whales could signal further price increases. Historically, increased whale activity often precedes bullish rebounds in the cryptocurrency market.

If this trend continues, LINK may experience stronger upward momentum in the coming days.

Additionally, the slow decline of the long-short ratio supports the possibility of weakened selling pressure.

With the confidence of whales, this situation may pave the way for LINK to test higher resistance levels.

According to technical analysis from CoinPedia, LINK appears to be consolidating within a narrow range between $23 and $24, with a potential breakout on the horizon. Since early 2025, LINK has consolidated twice within a four-hour timeframe before gaining upward momentum.

A similar upward trend is expected in the next four days. Based on recent price movements, LINK is likely to surge by 20% in the coming days, reaching the $29 threshold.

On the positive side, the altcoin has just broken above the 200 Exponential Moving Average (EMA) in the four-hour timeframe and closed above it, suggesting a potential shift to an upward trend.

Currently, LINK is trading at approximately $23.81, up 1.78% over the past 24 hours. However, during the same period, its trading volume has declined by 33.40%, indicating a decrease in trader and investor participation compared to the previous day.

In summary, after retesting the key support level near $19, LINK's price soared by 18% in just three days. Meanwhile, whale activity has intensified, accumulating over 1.4 million LINK, indicating further upward potential.