ChainLink continues to defy expectations as its developer activity soars in tandem with its price.
The decentralized oracle network is the crypto king in terms of the number of Github commits, according to digital asset ranking platform CryptoMiso. Over the last 12 months, ChainLink mustered 4,189 commits, significantly outshining Bitcoin’s 2,452 commits.
The number of Github commits serves as a barometer of developer activity as it refers to the amendments or additions made to the source code. According ChainLink’s Github page, the altcoin has accumulated a total of 11,588 commits from 54 contributors.
ChainLink’s surging developer activity comes as its native token LINK printed a new all-time high of $19.58 on August 15th. The fifth-largest cryptocurrency by market cap is currently trading at $19.10 – up over 973% year-to-date, according to CoinMarketCap.
As LINK continues its red-hot streak, holders of the crypto asset appear to believe that it has more upside potential. Blockchain analyst Cole Garner reports that the amount of LINK balance on exchanges has plummeted as the altcoin rose, which indicates that investors are expecting higher prices.
Balance on Exchanges 👇
(data h/t @glassnode) pic.twitter.com/2E0OtgKZ15
— Cole Garner (@ColeGarnerBTC) August 14, 2020
Although LINK is showing strong bullish signals, not all analysts think that the coin will continue its strong run in the near term. Pseudonymous analyst Mento believes that the token is ripe for a major correction before resuming its ascent.
“Look how beautifully the pitchfork median line was tagged. This trade has an 80% probability. Perfect example. I think this will do a wave 4 correction and go up for its last wave.”
