HomeTradingAnalysis of crypto projects Cardano (ADA), Polkadot (DOT) and Chainlink (LINK)

Analysis of crypto projects Cardano (ADA), Polkadot (DOT) and Chainlink (LINK)

In this article we analyse Cardano, Polkadot, Chainlink and their respective cryptos ADA, DOT and LINK.

Santiment, with its crypto intelligence tools, has shown that for the 3 projects there has been a high level of developer activity on github in the last 30 days.

As developers continue to build, traders continue to buy, pushing up the price of the entire crypto market.

ADA and DOT are recovering some of the ground lost during the last few months of the bear market, while LINK seems to be going completely crazy.

Chainlink’s coin, after breaking through $10, a resistance not approached since May 2022, has not stopped since and has now even broken through $13. Which of the 3 cryptos will prevail in the next bull market?

See all the details below.

Santiment’s data on developer activity in the Cardano, Polkadot and Chainlink crypto communities

Santiment, a well-known provider of social metrics and intelligence solutions for crypto data, yesterday published a very interesting insight into the recent developer activity in the crypto world’s most popular projects.

Over the past 30 days, developers Cardano, Polkadot and Kusama have been the most active on Github in terms of commits, helping to slowly innovate the blockchain landscape.

Hedera, Aptos, Status, Chainlink and Cosmos also stood out for their flourishing code production, with their respective project teams making more commits than Ethereum developers.

It should also be noted that Cardano and Polkadot joined forces a few days ago to unlock the potential of Web3: Charles Hoskinson’s project will indeed use Substrate, Polkadot’s SDK, to build its so-called “partner chain project” and develop new decentralised solutions within its ecosystem.

Looking in more detail, we can see that Cardano leads the ranking of the most popular companies on Github with a score of 502.57 in the ‘development activity’ metric over the last 30 days.

Next up are Polkadot and Kusama, both with 484.23 commits, while Hedera remains solidly in 4th place with a score of 353.67.

Aptos falls from the top of the rankings and lands in 5th place, where it still registers respectable numbers with 338.77 changes to the project’s code on Github.

Honourable mention also goes to Chainlink, which not only drives crypto traders crazy, but also remains solidly in the top 10 most sought-after blockchain technologies that developers are working on the most.

Indeed, it is no news that Chainlink’s oracles and all the new products introduced by its team over the past year, such as CCIP, have the potential to bring billions of dollars into the on-chain universe.

Moreover, when people talk about real-world tokenization (RWA), they often refer to Chainlink precisely because of its ability to transport and convert real-world data into the world of distributed digital databases.

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Prices and forecasts for ADA, DOT and LINK

Beyond the behind-the-scenes work of the developers on Github and the strategic partnerships recently formed in the crypto world, it is worth noting the market frenzy and the performance of the altcoin sector, which is seeing some very interesting figures at the moment.

In particular, we can see how the respective tokens of the Cardano, Polkadot and Chainlink projects have performed in recent days.

Starting with ADA, we can see how the asset’s bullish momentum has been consistent since the 19th October, taking the price of the coin from $0.24 to the current $0.35.

Now, Cardano’s coin is in an area where it is difficult to predict its future price action: the bullish momentum is in fact colliding with the presence of numerous resistances in the area that could repel the crypto’s next bullish incursions.

Unfortunately, despite the strength of the last few days, it must be remembered that ADA is still in a long-term bearish trend that began in September 2021. 

To break out of this complex situation, it would need to break through the $0.55 level and consolidate from there to build a price structure capable of taking it to the dollar and beyond.

At the moment, however, this scenario still seems far from reality: the first feasible target to be reached by the end of the year is $0.44.

Also watch for a reversal in the $0.3 area, where several buy orders have been placed. A bearish break of this level would shatter the dreams of Cardano supporters.

grafico prezzo crypto cardano

On the polkadot front, we can see that DOT’s situation is similar to ADA’s, but with a medium to long term price structure that is more pronounced to the downside.

The whole of 2023 was an extremely negative year for this coin, which only recorded significant price gains at the beginning of the year and in the final days of the general market rally.

For the rest of the year, the DOT has been in a distribution mode, constantly below the 50 EMA, which has resisted any bullish attempts to re-emerge.

So far, the price of Polkadot’s crypto seems to have responded, but it will be some time before a real return to the bull market can be decreed.

For now, the first target for DOT is $5.5, where it can consolidate and then target $7 and eventually $7.5.

Watch the $4 level in case of a dump: if it does not hold the weight of the DOT shorts, it could easily continue its downward pilgrimage for several more weeks.

grafico prezzo crypto polkadot

It is a different story for LINK, the Chainlink project coin, which, having destroyed a historic resistance level that had acted as a cap on its price for the past 18 months, is now flying through the market in search of a level on which to consolidate.

As can be clearly seen on the daily chart, compared to the Cardano and Polkadot cryptos, LINK is in a clear bullish trend, with prices at the 2023 highs.

It should be noted that the $5-9 range that LINK has been trapped in has been in place since May 2022: in all that time, LINK has never managed to break through the $9 resistance.

Today, however, it made a local high at $13.2 and was accompanied by a steady volume.

The RSI is in the unchanged zone, but could easily remain there for several weeks, as long as Chainlink’s token manages to find a base of graphical support.

Next major resistance for LINK: $17 and then $20.

Eyes on the $10 level, which must not be breached if the dreams of the Chainlink marines are to continue to be fed.

In the coming days, the odds are in favour of a continuation of the bullish rally for LINK, while the most likely scenario for DOT and ADA is a retracement.

grafico prezzo crypto Chainlink
Alessandro Adami
Alessandro Adami
Graduated in "Information, Media and Advertising", for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.