Chainlink (LINK) stands out among Ethereum-based assets due to active development. However, selling pressure on the market limits its potential growth.
Development Activity Surpasses Ethereum
According to data from analytical platform Santiment, Chainlink's development activity over the past 30 days has outperformed Ethereum by 50%. This metric tracks code updates, software, and overall development across blockchains and their decentralized applications. Santiment contributor Brian noted that this level of sustained developer focus underscores the Chainlink team’s commitment to ecosystem growth and infrastructure enhancement.
Price Resistance and Selling Pressure
Despite the surge in development, Chainlink’s indicators present a mixed picture. A significant spike in dormant circulation was recorded on April 25, indicating renewed interest in selling. At the same time, Mean Coin Age dropped sharply, signaling that long-term holders offloaded their positions as LINK tested the $15.5 resistance zone.
Will Development Efforts Be Enough?
While Chainlink's dominant development position may support a sustained uptrend, technical resistance and a lack of market conviction among holders continue to weigh heavily. Until long-term investors exhibit renewed confidence, the pathway toward $16.5 and beyond remains fraught with challenges.
Chainlink demonstrates robust development activity, yet selling pressure and a lack of market confidence remain significant factors that hinder growth.
