LINK Price Climbs Following Chainlink’s Deal With US Commerce Department, Eyes $30

Chainlink (LINK) has experienced a significant surge, climbing back above the $25 mark on Thursday, thanks to a new partnership with the US Department of Commerce. This collaboration has propelled the LINK price to a notable 6% gain, allowing it to outperform the largest cryptocurrencies in the market.

The decentralized oracle network announced its initiative to bring critical US government macroeconomic data on-chain, sourcing information from the Bureau of Economic Analysis (BEA). 

The new Chainlink Data Feeds will deliver essential economic indicators, such as Real Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers. 

This data will be updated on a monthly or quarterly basis and is initially accessible across ten blockchain networks, including Arbitrum (ARB), Avalanche (AVAX), Ethereum (ETH), and Optimism (OP), with support for additional chains expected as demand grows.

During the announcement, Chainlink also revealed its proactive engagement with US government officials and regulators, including meetings with the US Securities and Exchange Commission (SEC). 

The implications of this partnership are substantial, potentially enhancing the visibility and adoption of Chainlink and increasing demand for its services. This development comes on the heels of an impressive year for LINK, which has recorded a 120% increase in value year-to-date.

Looking ahead, LINK is positioning itself for a potential move toward the $30 mark. However, it faces a crucial resistance level at $27, which has proven to be a significant barrier over the past eight months. 

The token has struggled to surpass this threshold since December of last year. Should LINK break through this resistance in the near future, the next target would be set at $30.80, where the next resistance level is expected to act.

Interestingly, prediction market Kalshi anticipates that the LINK price could reach a yearly high of $40, fueled by the ongoing developments surrounding the Chainlink network, which have consistently bolstered bullish sentiment among investors.

With the LINK price trading at $25.68, the cryptocurrency still trades 51% below its all-time high record of $52.70. 

Featured image from DALL-E, chart from TradingView.com