Chainlink (LINK) is making waves once again, with bulls appearing to take control of the market after a prolonged period of stagnation. Over the past 30 days, LINK has experienced a resurgence in demand, with strong accumulation signals emerging from both retail investors and large holders. This growing optimism has pushed the token’s price near $15, with a potential breakout toward the $16 level looming on the horizon.

One of the most significant indicators of this bullish resurgence is the dramatic increase in exchange outflows. According to on-chain analytics from IntoTheBlock, more than $120 million worth of LINK has been withdrawn from exchanges over the past month. Consistent outflows of this magnitude typically indicate that investors are moving their tokens to long-term storage wallets rather than preparing to sell, suggesting confidence in future price growth.

Supporting this view, Chainlink’s Exchange Netflow metric has remained negative for 12 consecutive days, according to CryptoQuant data. Negative netflow reflects that more LINK is leaving exchanges than entering, reinforcing the idea of sustained accumulation by buyers. It’s a sign that sentiment among market participants has shifted significantly from bearish to bullish.

Further strengthening this outlook is the behavior of large holders, often referred to as whales. These influential participants have also shown renewed interest in LINK, as indicated by a sharp increase in their net accumulation. IntoTheBlock data reveals that whale netflow surged to a two-month high, with 3.81 million LINK tokens added to their wallets. This uptick in whale activity not only supports the bullish case but also suggests that experienced investors see value in Chainlink at its current price.

The uptick in on-chain activity isn’t limited to capital flows. Fundamental metrics are also showing improvement. Chainlink’s network is witnessing a rise in engagement, with the number of active addresses increasing from 2,300 to 3,600 in just four days. A growing number of active addresses typically signals rising interest in a project, which often precedes continued upward price movement.

On the price front, LINK has seen a sharp rally, gaining over 12% in the past 24 hours and 22% over the past week. As of the latest trading session, Chainlink is changing hands at $14.95, riding the momentum of a breakout from a descending triangle pattern that had capped its price action for the past two months. This technical breakout confirms a shift in trend and adds further credibility to the bullish thesis.

Looking ahead, Chainlink’s next key resistance lies at approximately $16.12. If bullish momentum continues and buyers can breach this level, it could open the door for a more sustained rally in the near term. However, it’s worth noting that some profit-taking could occur, especially among investors who have now returned to profitability after previously sitting on unrealized losses. Should this selling pressure emerge, LINK may temporarily retrace to support around the $13.70 level before making another move higher.

In summary, Chainlink is showing strong signs of a bullish reversal. Accumulation by both retail and institutional players, increasing network activity, and a decisive technical breakout all point toward the potential for continued price appreciation. While resistance at $16 remains a near-term hurdle, the overall sentiment and data suggest that LINK may be well-positioned to climb higher in the coming weeks.