Chainlink sees an 18% surge in 3 days driven by whale activity

Chainlink has surged by 18% over the past three days, following a significant bounce from a key support level around $19.

This price increase coincides with increased whale activity, suggesting potential for further growth.

The notable rally in LINK’s price has been partly driven by the accumulation of over 1.40 million LINK tokens by large holders, or "whales," in just 96 hours.

This increased accumulation signals growing confidence among major investors, which may point to a long-term bullish outlook for the token.

On-chain data has revealed that exchange outflows have decreased in the last few days, indicating that fewer LINK holders are moving their tokens to exchanges for potential sell-offs.

This trend could point to positive market sentiment and reduced selling pressure.

Despite the bearish Long/Short Ratio, there has been a gradual decline in short positions, suggesting profit-taking following the recent rally.

The steady accumulation by whales, however, suggests a focus on long-term gains rather than speculative short-term positions.

Whale activity has historically been a strong indicator of potential bullish movements in the market.

If this trend of accumulation continues, LINK could see more upward momentum in the coming days.

The decreased short positions and increased whale confidence suggest that the token could break through higher resistance levels.

At the time of reporting, the Chainlink (LINK) price was $23.98.