On-chain analytics platform Santiment says that a large amount of dormant LINK has suddenly become active. According to the crypto analysis firm, this development has previously brought about a jump in the altcoin price. In this regard, Santiment states that Chainlink gives a potential upward signal.
Santiment: LINK gives bullish signals
As you follow from Kriptokoin.com, the market is having difficulty maintaining its upward momentum. However, it also resists deep declines. Although the leading crypto Bitcoin lost $38,000, it is hovering just below it to regain it. In the last upward movement of the market, altcoin Chainlink (LINK) also managed to attract attention with its performance. Besides, on-chain analytics platform Santiment says LINK has the potential to do more. In this context, Santiment notes that LINK witnessed a “large amount” of old coin movement in wallets on Tuesday. The analytics platform explains the impact of this situation as follows:
Large legacy cryptocurrency movements are typically followed by large price movements. This is what happened on September 15th. In this case, LINK saw a 31% price increase over the following two weeks.
Source: SantimentMeanwhile, LINK was trading at $14.36 at the time of writing, down 1% on the day. However, the altcoin is still in the green zone on its weekly chart. Additionally, LINK recorded over 27% increase in value on its monthly chart.
Chainlink became the 6th altcoin project in the ranking of development activities
According to Santiment, Chainlink also ranks high on the list of altcoin projects in terms of development activity. The decentralized oracle network reached 349.87 GitHub transactions in the last 30 days, the sixth-highest amount of any crypto project. Interoperability blockchain Polkadot (DOT) and canary test-net Kusama (KSM) top the list with 551.7 commits each. Ethereum (ETH) rival Cardano (ADA) stands in third place with 515.37. Peer-to-peer payment network Hedera (HBAR) occupies the fourth place with 394.9. Additionally, Status (SNT), a mobile browser and messenger designed for interacting with Ethereum-based applications, ranks fifth with 350.8.
Source: SantimentSantiment previously said that intense development activity centered around an altcoin project is a positive indicator, which could mean developers believe the protocol will be successful or introduce new features soon. This also makes it less likely that the project is just an “exit scam.”
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