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

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. 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. Chainlink Unveils Data Feeds For Key US Economic Metrics

The decentralized oracle network announcedits 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.  Related Reading Finance News Giant Outlines Where XRP Could Be In 2026 And Beyond 9 hours ago

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).  Will LINK Price Rally Push It Past $30?

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.  Related Reading Spot Ethereum ETF Inflows Flip Bitcoin Once Again, Will ETH Outperform BTC? 8 hours ago

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 anticipatesthat 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. The daily chart shows LINK’s price recovery. Source: LINKUSDT on TradingView.com

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