Chainlink Price Surges Above $25 After Partnership with US Commerce Department
Chainlink (LINK) surged above $25 following a partnership with the US Department of Commerce, resulting in a 6% price increase. This collaboration aims to integrate key US macroeconomic data on-chain from the Bureau of Economic Analysis (BEA).
Key Developments
- Chainlink Data Feeds will provide essential economic indicators, including Real GDP, PCE Price Index, and Real Final Sales.
- Data updates will occur monthly or quarterly across ten blockchain networks, including Arbitrum, Avalanche, Ethereum, and Optimism.
- Chainlink has engaged with US officials, including meetings with the SEC.
Price Outlook
- LINK has increased by 120% year-to-date, with a potential target near $30.
- A resistance level at $27 has hindered progress since December.
- If this level is breached, the next target could be $30.80.
- Prediction market Kalshi estimates a potential yearly high of $40 for LINK.
The current price of LINK stands at $25.68, remaining 51% below its all-time high of $52.70.
