Chainlink Shows Bullish Signal as Dormant LINK Coins Move, Santiment Reports
Blockchain oracle provider Chainlink (LINK) is indicating a potential bullish signal, as reported by crypto analytics firm Santiment. According to Santiment, there has been a significant movement of older coins in Chainlink wallets, which historically precedes major price movements. This pattern was observed on September 15th, leading to a 31% increase in the LINK price over the following two weeks.
Development Activity Rankings
Santiment also ranks Chainlink high in terms of development activity among crypto projects. In the past 30 days, Chainlink recorded 349.87 GitHub commits, placing it sixth on the list. The top spots are held by Polkadot (DOT) and Kusama (KSM) with 551.7 commits each, followed by Cardano (ADA), Hedera (HBAR), and Status (SNT).
Positive Indication of Success
Santiment has previously emphasized that heavy development activity is a positive sign for a crypto project. It suggests that developers have confidence in the protocol’s potential success or the imminent release of new features. Additionally, it reduces the likelihood of the project being an “exit scam.”
Hot Take: Chainlink’s Bullish Potential
Chainlink’s recent movement of dormant LINK coins and its high development activity indicate potential bullish momentum for the cryptocurrency. Past instances of similar movements have resulted in significant price increases for LINK. Furthermore, being ranked high in development activity reflects confidence in Chainlink’s future prospects and reduces concerns about fraudulent intentions. These factors suggest that Chainlink may experience positive price movements in the near future.
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