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Chainlink Surges 18% in 3 Days – How Whales Helped LINK’s Recent Surge
In a shocking turn of events, Chainlink has surged by an astonishing 18% in just three days. This sudden and unexpected increase in value can be directly attributed to the activities of whales, large-scale investors who have been quietly accumulating the cryptocurrency.
The recent surge is largely a result of the token bouncing off a critical support level near $19. This rebound indicates that Chainlink has maintained its strength despite the volatile market conditions. Market analysts are now left wondering what this sudden increase in value means for the future trajectory of LINK’s price.
One crucial aspect that has contributed to this sudden surge is the whale activity on the token. In just 96 hours, a staggering 1.40 million LINK have been purchased by these large-scale investors. This substantial accumulation is often seen as a sign of growing confidence among Chainlink major investors, possibly signaling long-term bullish sentiment.
Furthermore, AMBCrypto’s analysis has revealed some positive trends for the token. Exchange outflows – which typically indicate the movement of tokens away from trading platforms-have steadily decreased over the last three days. This suggests fewer LINK holders are moving assets to exchanges for potential sell-offs, pointing to market optimism.
While the Long/Short Ratio was initially bearish, short positions have been slowly declining as indicated by Coinglass data. This trend can be attributed to profit-taking after the recent rally. However, the steady accumulation by whales suggests a focus on long-term gains rather than short-term speculation.
In conclusion, this sudden surge in Chainlink’s value is largely driven by the actions of these whales who have chosen to accumulate LINK instead of selling it off.
Source: ambcrypto.com
