Chainlink [LINK] has attracted the attention of cryptocurrency investors after a significant recent price surge. Over the past three days, LINK has risen about 18% after bouncing back from a critical support area around 19 USD.
This recovery move shows the strength of the asset despite market volatility.
Source: TradingView
Contributing to the price increase is a notable rise in whale activity. According to a reputable analyst on X (formerly Twitter), large whales have purchased over 1.40 million LINK in the past 96 hours.
This significant accumulation often suggests increasing confidence from major Chainlink investors, which may signal a long-term bullish trend.
Source: X
Exchange outflow decreases, but LINK whales show confidence
TinTucBitcoin has thoroughly researched LINK's on-chain indicators and found a positive trend.
Exchange outflow — often indicating the movement of tokens away from trading platforms — has steadily decreased over the past three days.
This indicates fewer LINK holders are moving assets to exchanges to sell, signaling market optimism.
Source: CryptoQuant
Interestingly, although the Long/Short Ratio appears bearish, short positions are gradually decreasing as indicated by Coinglass data. This trend may be due to profit-taking after the recent price surge.
However, the steady accumulation of whales shows they are focusing on long-term profits rather than short-term speculation.
Source: Coinglass
Could whale activity drive prices higher?
The continuous accumulation by whales could be a signal for a stronger bullish rally. Historically, increased whale activity often precedes price surges in the cryptocurrency market.
If this trend continues, the price of LINK could experience a stronger upward momentum in the coming days.
Additionally, the slow decrease in the long/short ratio supports the potential reduction of selling pressure.
Combined with the confidence of whales, this scenario could pave the way for LINK to test higher resistance levels.
