Chainlink Partners with the U.S. Government

Key Insights:

• Chainlink’s price holds the key to $23 support level, with $28 as a potential target.
• Analysts predict LINK may rise toward $31 resistance, with $47 as a possible next target.
• Chainlink’s government partnership expands blockchain’s role in global finance.

Chainlink (LINK) has gained attention as it forms a new partnership with the U.S. Department of Commerce. This collaboration is seen as a significant development for both Chainlink and blockchain technology. In addition, Chainlink is showing a promising price trend, with some analysts forecasting a potential rise to $28 and higher.

Price Action and Market Outlook for LINK

Chainlink’s price is currently testing a crucial support level around $23. Analysts are closely monitoring this level, as it could determine the next move. According to Bitcoinsensus, the price has recently undergone a liquidity grab below the $23 mark. 

If this support level holds, Chainlink could rise sharply toward $28. The analyst noted that the key level to watch is $23, as it will decide the direction of price movement.

Chainlink is in a backtesting phase, where the price confirms the strength of this support. A successful backtest could indicate a breakout to higher levels. If any movement below $23 occurs, the market outlook might need to be reviewed.

Chainlink’s Bullish Forecast and $31 Resistance

However, traders are closely observing Chainlink’s price movement, especially with its upward momentum. According to QuintenFrancois, an Elliott Wave structure suggests that the cryptocurrency could continue its rise. 

Chainlink is currently at $23.6, with a 24-hour trading volume of over $2.9 billion. It has been down nearly 2% over the past day. If LINK stays above the $23 support, the next key resistance is at $31. The analyst also noted that if Chainlink surpasses $31, it could target $47 or higher.

Fibonacci retracements further confirm that the price levels of $10.70, $13.28, and $6.90 are key support levels. This indicates that Chainlink is in a strong position to continue its upward movement if market conditions remain favorable.

Chainlink’s Growing Role in Global Finance

Meanwhile, Chainlink is drawing attention in its new partnership with the U.S. Department of Commerce, which marks a significant step for cryptocurrency. This collaboration will bring key economic data, such as GDP and inflation stats, to the blockchain via Chainlink’s oracle services for easy access.

This partnership is expected to position Chainlink as a central player in the broader financial infrastructure. As more government data moves onto the blockchain, Chainlink’s role in decentralized finance is expanding. The integration of official data could bring new opportunities for the use of blockchain technology in global finance.