- Chainlink dominates Defi development activity, but the price of Link remains in consolidation.
- Despite high DEV activities, Link is struggling under the key resistance.
Chain link [LINK] has emerged as the leader in Defi development activity, with a 30-day development score of 547.5. This is by far exceeds its closest competitors, Defichain and Deepbook protocol.
Although robust development often strong network fundamentals, investors, this growth translates into price performance?
Development activity is increasing, but Link is struggling to break out
Data of Santiment Highlights Chainlink’s commander lead in Defi-related Github commits, as a result of continuous upgrades and expansion of ecosystem. Despite this consistent innovation, however, the LINK price action remains modest and is struggling to regain his previous highlights.
At the time of the press, Link was traded at $ 14.10, which reflected a slight decrease of 0.79% in the last 24 hours.
Technical indicators suggest that link is at an intersection. The 50-day advancing average (MA) was $ 14.64 and functioned as a dynamic resistance level, while the 200-day MA was higher at $ 20.31, which strengthens the long-term resistance.
Until link decisively turns these levels, keeping the upward momentum continues doubtful.
Accumulation trends and market sentiment
Despite price stagnation, Chainlink’s accumulation/distribution has remained relatively stable at 338.14 million, indicating that holders still have to capitulate in the long term.
This suggests a potential battery phase, in which investors collect the link at lower levels awaiting a future outbreak.
Source: TradingView
In the meantime, the volume of link remains moderate, which means that token does not experience the speculative frenzy that is often associated with parabolic price movements.
This may mean that although trust in the project remains strong, market participants are waiting for a fundamental catalyst to stimulate the price rating.
Can Chainlink catch up with his development momentum?
For link to reflect its development in price, it must overcome important technical barriers. A decisive movement above $ 15 could open doors to the region of $ 17- $ 18, while not maintaining the current levels can lead to a retest of lower support near $ 13.
In general, Chainlink’s strong development activity underlines its dedication to innovation in the Defi space. However, Link can remain accessible in the short term until the market conditions shift and wider investors are confidential efficiency.
Investors must follow the most important resistance levels and ecosystem updates closely for potential breakout triggers.
