The Test Connection button only works if the profiler service has been started and a context has been instantiated. It seems you have started the service but the database has not been opened by OpenAccess yet.
This should not be a problem, you could still click Connect and the profiler will begin listening at this address for log data. Once the application opens the database and executes a query, you should be able to see it in the profiler. Hope that helps.
the Telerik team
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