New data suggests that Chainlink [LINK] has shown the highest level of activity in terms of development among ERC-20 tokens in the past month.
Moreover, recent intriguing data points to a substantial amount of LINK tokens being moved to an exchange within the last 24 hours, potentially hinting at upcoming market shifts.
Thriving Development Activity within Chainlink
Recent statistics from Santiment highlight that Chainlink has outpaced Ethereum and other major assets in terms of development activity within the ERC-20 ecosystem over the previous 30 days.
With over 624 development activities logged, LINK has surged ahead, leaving Ethereum, the second most active, trailing at approximately 298 activities.
An in-depth analysis unveils that LINK’s development momentum has been steadily climbing post a sharp dip in late July.
Following the drop to around 38 activities, development initiatives swiftly rose back up to approximately 212, underscoring the team’s unwavering progress.
Large Token Movements in Chainlink’s Ecosystem
According to Etherscan data, Chainlink recently unlocked and shifted 18.75 million LINK from five non-circulating supply addresses. Additionally, 18.125 million LINK, valued at roughly $207 million, were transferred to Binance.
This token unlocking forms part of Chainlink’s quarterly routine, where about 20 million LINK tokens are circulated every three months.
Since 2022, the project has unleashed approximately 133.4 million LINK tokens, equivalent to $1.29 billion, across eight unlocking events, with seven witnessing price hikes within 30 days post-unlocking.
Moreover, the recent unlocking had a significant impact on LINK’s exchange netflow, with CryptoQuant data indicating a positive netflow of over 11.4 million LINK—reportedly the highest since June—and coinciding with a considerable token unlocking event.
LINK Displaying Positive Trends
At present, Chainlink is trading around $11.360, showing a minor decline of almost 1%. However, in the prior trading session, LINK concluded at roughly $11.439, reflecting an increase of over 2%.
Analyses from CryptoCrypto point towards a notable uptrend for LINK recently, breaking through its 50-day moving average (depicted by the yellow line).
Considering LINK’s historical performance post-token unlocks, there’s potential for further upward movement in the weeks ahead.
This surge could position LINK to reassess its 200-day moving average (shown in blue), acting as a longer-term resistance level at approximately $14.