Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales have on their wallets.

Here’s a quick overview of LINK:

• In the short-term, the 4-hour chart of the market shows signs of bullishness
• Downturns are still a possibility, thus caution is warranted

However, the token’s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days.

Data from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?

Chart: TradingView

How Optimistic Should Investors Be?

The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.

The token’s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.

JUST IN: $LINK @chainlink now on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs 🐳

We’ve also got $BAT, $OMG & $CHZ on the list 👀

Whale leaderboard: https://t.co/jFn1zIwOBt#LINK #whalestats #babywhale #BBW pic.twitter.com/HYX2DFTJzI

— WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022

Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide…