According to a recent tweet by Santiment, a leading analytics platform, Chainlink has witnessed a notable increase in its development activity rate, positioning itself at the fourth spot in the crypto realm by this metric. This observation aligns with the broader trend of top projects that consistently invest in development and innovation, often outperforming those with lower development rates over time.
🧑💻🔗 #Chainlink has been rising in development activity rate, and is up to the #4 spot in #crypto by this measurement. Our latest insight shows the 3-year trends of development activity from the top 10 projects, including $DOT, $ADA, $FIL, $ATOM, & $ICP. https://t.co/lvFJo9sH6p pic.twitter.com/sgbX9XCF7G
— Santiment (@santimentfeed) September 13, 2023
Interestingly, seven of the top ten projects with the highest development activity are within the top 32 market cap rankings. This isn’t merely a coincidence. For instance, Polkadot and Kusama’s shared GitHub repository recently surpassed Cardano’s development rate, even though Cardano had led earlier in the summer.
While some projects might rank high due to the sheer size of their coding teams and consistent outputs, it doesn’t necessarily indicate a rising trend in their development activity. In recent times, Chainlink’s team has notably increased its development rates. Similarly, Filecoin’s team has been gaining momentum since July.
The LINK price is currently experiencing a 1.72% surge, trading at $6.02 with a low of $5.90 and a high of $6.05. Despite this uptick, Chainlink’s trading volume has dropped by 19.41% in the past 24 hours, signaling the possibility of an impending bearish trend in the market.
In the latest 24-hour technical analysis, Chainlink (LINK) displays a bullish trend. The Relative Strength Index (RSI) supports this outlook as it moves above its Simple Moving Average (SMA). This movement suggests that the market’s bullish sentiment for LINK could extend into the upcoming hours.
Additionally, the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish forecast. The MACD line is trending northward, signaling a potential bullish run in the near future. The trajectory histogram’s formation in the positive region further bolsters this view. It indicates that the current uptick in Chainlink’s market price is likely to continue soon.
Chainlink has been making significant strides in development activity and market performance. As highlighted by Santiment, Chainlink’s commitment to development has positioned it favorably in the crypto landscape, with similar trends observed in other top-performing projects. Market indicators, such as the RSI and MACD, further underscore a bullish sentiment for LINK in the immediate future.
