- $75M LINK outflow signals increased whale accumulation and optimism for price recovery.
- Despite bearish pressures, bullish indicators like the TD Sequential suggest potential for a short-term rally.
Following a surge in Chainlink whale activity, CNF recently highlighted that LINK is targeting a potential 500% rally. According to Coinglass data, $75 million worth of LINK has flowed out of exchanges over the past three days, signaling a move to private wallets and growing interest from whales and long-term investors.
As visualized in a chart shared by Ali Charts in a recent tweet, this significant outflow often reflects accumulation by large holders, which is typically associated with optimism about future price growth despite LINK’s recent struggles.
The TD Sequential indicator has flashed a buy signal on the #Chainlink $LINK 4-hour chart. If the key $26.8 support holds, #LINK could aim for a rebound toward $28.5 or even $30.2.
In another CNF update, Chainlink (LINK) has shown strong bullish support as whales have accumulated 11 million LINK tokens, signaling confidence in its long-term prospects.
Price Declines Amid Bullish Indicators
As stated in an update by Icoholder, a crypto expert noted that the TD Sequential indicator is flashing a buy signal, forecasting a potential price rise to $30.2 in the short term.
This positive outlook is backed by growing market confidence. With the TD Sequential indicator supporting the idea of a short-term recovery, investors are closely monitoring LINK’s performance for confirmation of this upward trend.
Despite these bullish signals, LINK recently slipped below a key support level at $28, turning market sentiment bearish. Analysts warn of a potential 20% decline to $21.75 if downward momentum continues.
However, LINK’s significant distance from the 200 EMA on the daily chart suggests the potential for recovery, leaving investors cautiously optimistic. Yet, LINK’s significant distance from the 200 EMA on the daily chart suggests potential for a recovery, leaving investors cautiously optimistic.
Yet, LINK is currently trading at $24.85, reflecting a 9.02% drop in the last 24 hours, 12.34% over the past week, and an 18% dip in trading volume. See LINK price chart below.
