Chainlink (LINK) has rebounded from a critical support level near $16, currently trading at approximately $19.25. This recovery is attributed to declining exchange outflows and a reduced Exchange Supply Ratio, indicating a decrease in selling pressure. Additionally, increased accumulation by large holders, or 'whales,' is contributing to the upward momentum. Market analysts suggest that a sustained close above $24 could confirm a bullish trend shift for Chainlink, potentially signaling further price increases. The current market dynamics reflect a positive sentiment among investors, driven by these technical indicators.