Chainlink (CRYPTO:LINK) saw a 4% price increase in 24 hours, bolstered by whales accumulating over $77 million worth of tokens.

Despite a 10% decline in the past week, on-chain metrics indicate a potential 10% price recovery.

The supply of LINK on exchanges dropped by nearly 3% in two weeks, easing selling pressure.

The 30-day MVRV ratio at -9.34% suggests the asset is undervalued, hinting at a rebound.

Realised losses of over $47 million imply potential capitulation, often preceding a recovery.

Technical analysis points to a recovery target between $13.73 and $14.24 if LINK climbs back to the $13.84 level.