Chainlink Rises 3% to $24 Following U.S. Data Partnership and ETF Filing
Chainlink (LINK) increased by 3% to approximately $24, signaling a strong start to September amid a cautious crypto market. The rise is attributed to:
- A partnership with the U.S. government to publish macroeconomic data on-chain.
- Bitwise's filing for a spot Chainlink ETF with the SEC.
The U.S. Department of Commerce will release key indicators like GDP growth and the PCE Price Index via blockchain platforms such as Ethereum, Arbitrum, and Optimism. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has already facilitated $130 million in transfers this week, enhancing data reliability across networks.
Government Data Goes On-Chain
The ETF development positions Chainlink as a leader in blockchain adoption among governments. Commerce Secretary Howard Lutnick highlighted that America is committed to digital innovation, noting a 3.3% GDP growth figure as the first on-chain data point. Analysts suggest this integration could transform various sectors, including automated trading and DeFi risk management.
Mike Cahill from Douro Labs described the initiative as creating "a new wave of transparency and innovation," strengthening Chainlink's role in blockchain financial products and prediction markets.
Chainlink (LINK) Price Forecast
Technically, Chainlink shows bullish momentum near resistance levels. It rebounded from $23 support and is testing the $23.50–$24 zone. A breakout above $25.50 could lead to targets at $27.20 and $29.50. However, failing to maintain above $24.20 may weaken short-term prospects, potentially dropping LINK back to the $23.00 support level.
With rising institutional interest after Bitwise's ETF filing and ongoing government adoption, sentiment around Chainlink remains bullish despite broader market challenges.