Chainlink Outpaces Ethereum in Development Activity
Key Takeaways
- Chainlink (LINK) is showing strong development activity – 50% higher than Ethereum.
- Technical indicators suggest repeated profit-taking at resistance levels.
- Currently, 76% of LINK holders are in profit – a potential trigger for further selling pressure.
- The price is once again testing the $15.50 level, but a lack of market conviction is slowing upward momentum.
Strong Developer Activity at Chainlink
Chainlink is currently one of the most active projects in the Ethereum ecosystem. According to data from Santiment, development activity over the past 30 days was 50% higher than that of Ethereum. This metric measures how actively a project is being worked on – through code commits, updates, or new features.
A high level of development activity is often seen as a positive signal, as it indicates a committed team and a long-term vision. Long-term investors often view this as a sign of sustainable growth.
Selling Pressure Despite Strong Fundamentals
Despite strong technical development, LINK’s price is under pressure. A look at on-chain data shows repeated profit-taking during price increases. This is particularly evident around the $15.50 level, which has acted as resistance multiple times.
On April 25, the so-called “Dormant Circulation” spiked significantly. This metric shows how many previously inactive tokens (older than 180 days) suddenly moved. Such movements often indicate selling by long-term holders. At the same time, the “Mean Coin Age” declined – a sign that older coins were increasingly being sold.
High Percentage of Profitable Wallets as a Risk Factor
Currently, 76% of all LINK tokens are in profit. In the past – for example, in March and April – selling waves occurred even at lower profit levels of 65% and 56%. The more investors are in profit, the higher the likelihood they will realize gains.
This situation creates uncertainty in the market. Many investors hesitate to open new positions while selling pressure persists. This makes it harder for the price to sustainably break through key resistance levels like $16.50.
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Technical Outlook: Support at $15.50
In recent days, LINK has once again tested the $15.50 level. What was previously a resistance now serves as a potential support. If the bulls manage to hold this level, a renewed attempt at $16.50 could follow.
However, market momentum remains weak. Without clear accumulation by new buyers, the strength needed for a sustainable breakout is lacking.
Our Assessment
Chainlink impresses with strong development work and an active developer team. This provides a solid foundation for long-term potential. In the short term, however, selling pressure dominates. Many investors are using price increases to take profits, which caps the price.
As long as there is no clear accumulation phase and the number of profitable wallets remains high, LINK may struggle to break above $16.50. For traders, it makes sense to monitor the support zone around $15.50. Long-term investors should wait for stabilization and renewed accumulation before entering new positions.
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