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Santiment, the blockchain intelligence firm, revealed in a tweet today that github development activity for Chainlink (LINK) has been notably higher this summer. Together with this high level of development activity, whale and shark addresses holding 100k – 10 million LINK now also hold the most coins since December of last year.
🔗🧑💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
According to the post, the spike in development activity has pushed the cryptocurrency into the top 5 list of the assets with the most development activity over the past 30 days. Furthermore, LINK sharks and whales have accumulated $192.2 million LINK during the last month.
Meanwhile, at press time, CoinMarketCap indicated that LINK had suffered a 0.61% 24-hour loss. Consequently, the altcoin was changing hands at $7.16. This negative daily performance pushed the cryptocurrency’s price further into the red zone to -5.83%.
From a technical perspective, a breakout in LINK’s price may ensue in the coming couple of days given the fact that a symmetrical triangle pattern had formed on LINK’s daily chart. Should this break be toward the upside, the altcoin’s price may rise to $8.40 in the next 2 weeks. Conversely, a negative breakout may lead to LINK dropping to $6.127.
A confirmation of the positive breakout will be when LINK’s price breaks above the 9-day and 20-day EMA lines at around $7.31. This will also result in LINK’s price flipping the resistance level at $7.280 into support. Continued buy pressure at this point could then lead to LINK overcoming the next resistance at $7.731 before potentially climbing to $8.40.
On the other hand, a confirmation of a negative breakout will be when LINK’s price drops below the 50-day EMA line at around $6.981. Following the break below this technical indicator, LINK may fall to the support level at $6.680. If sell pressure persists, the altcoin’s price may fall to the aforementioned $6.127 mark.
One technical flag suggested that the bearish thesis will most likely play out. At press time, the 9-day EMA line was attempting to cross bearishly below the 20-day EMA line. Should this cross happen, it will indicate that LINK’s price has entered into a short-term negative trend and its price may continue to fall in the next week.
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