Chainlink Bullish Signal: Huge Amount Of Dormant LINK Moves Abruptly

It seems that there is a massive amount of dormant LINK that moved abruptly. Check out the latest reports about the matter below.

According to crypto analytics firm Santiment, Chainlink (LINK), one of the top blockchain oracle providers, has shown a potentially bullish signal. Santiment observed a significant amount of older coins being moved to different wallets on Tuesday.

The firm explains that such movements are followed by substantial price changes, as seen on September 15th, where LINK price climbed by 31% in the following two weeks.

LINK is trading at $14.48 at time of writing.

According to Santiment, Chainlink is one of the top crypto projects in terms of development activity. In the past 30 days, the decentralized oracle network has had 349.87 GitHub commits, which is the sixth-highest amount among all crypto projects.

The interoperability blockchain Polkadot (DOT) and its canary test network Kusama (KSM) are ranked first with 551.7 commits each.

Cardano (ADA), an Ethereum (ETH) competitor, ranks third with 515.37, and Hedera (HBAR), a peer-to-peer payments network, comes in at number four with 394.9. Status (SNT), a mobile browser and messenger designed to interact with Ethereum-based applications, is fifth with 350.8.

Santiment has stated that when a crypto project has heavy development activity, it is an indication that 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.”

The cyrpto space is boiling these days, with everyone waiting for the BTC ETF to get approval from the SEC.

JUST IN: BlackRock met with the SEC and shared a “revised in-kind model design” for its spot #Bitcoin ETF. pic.twitter.com/6Ozr4uV6mJ

— Bitcoin Magazine (@BitcoinMagazine) November 29, 2023

Speaking about the matter, it is also important that we mention the fact that BlackRock has just met with the SEC in order to address the model design for Bitcoin ETF.