In this paper, we give a new proof of the Lemmens-Seidel conjecture on the maximum number of equiangular lines with a common angle $\arccos(1/5)$. This conjecture was previously resolved by Cao, Koolen, Lin, and Yu in 2022 through an analysis involving forbidden subgraphs for the smallest Seidel eigenvalue $-5$. Our new proof is based on bounds on eigenvalue multiplicities of graphs with degree no larger than $14$. To control the maximum degree of the graph associated with equiangular lines, we employ a recent inequality of Balla derived by matrix projection techniques. Our strategy also leads to a new proof for the classical result obtained by Lemmens and Seidel in 1973 for the case where the common angle is $\arccos(1/3)$.