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

The significant 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 typically suggests that the confidence of Chainlink's main investors is steadily increasing, possibly indicating long-term bullish sentiment.

Exchange outflows have decreased, but LINK whales show confidence.

By observing LINK's on-chain metrics, it is found that the token exhibits a positive trend. Exchange outflows (typically indicating tokens leaving the trading platform) have steadily declined over the past three days.

This suggests that the number of LINK holders transferring assets to exchanges for potential selling has decreased, indicating 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 they are focused on long-term gains rather than short-term speculation.

Will whale activity drive up prices?

The continued accumulation by whales may 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 in the long-short ratio supports the possibility of reduced selling pressure.

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

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

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

On the positive side, this altcoin has just broken above the 200 Exponential Moving Average (EMA) in the four-hour time frame and closed above it, indicating a potential shift towards an upward trend.

Currently, LINK is trading at approximately $23.81, having risen 1.78% in the past 24 hours. However, during the same period, its trading volume decreased by 33.40%, indicating a decline in trader and investor participation compared to the previous day.

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