Top blockchain oracle provider Chainlink (LINK) is flashing a potentially bullish signal, according to the crypto analytics firm Santiment.
Santiment says LINK witnessed a “massive amount” of older coins moving wallets on Tuesday.
Explains the firm,
“Big older coin movement typically is followed by big price movements, which is what occurred September 15th, resulting in a +31% LINK price climb the following two weeks.”
LINK is trading at $14.48 at time of writing.
Chainlink also ranks high on the list of crypto projects in terms of development activity, according to Santiment. The decentralized oracle network clocked 349.87 GitHub commits in the past 30 days, the sixth-highest amount of any crypto project.
Interoperability blockchain Polkadot (DOT) and its canary test network Kusama (KSM) top the list with 551.7 commits each. Ethereum (ETH) competitor Cardano (ADA) ranks third with 515.37, peer-to-peer payments network Hedera (HBAR) comes in at number four with 394.9, and Status (SNT), a mobile browser and messenger designed to interact with Ethereum-based applications, is fifth with 350.8.
Santiment has previously said that heavy development activity centered around a crypto project is a positive indication that could mean developers believe the protocol will be successful or soon shipping new features. It also indicates that there is less possibility that the project is just an “exit scam.”
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Featured Image: Shutterstock/GrandeDuc
