Chainlink Collaborates with U.S. Government as Price Aims for $28 and Higher
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Chainlink's Price and Market Dynamics
- Current Price Action: Chainlink (LINK) is currently testing a critical support level at $23, which analysts believe will determine its next price movement. A recent liquidity grab has occurred below this level, and if it holds, LINK could rise towards $28.
- Potential Resistance Levels: Analysts predict that if Chainlink surpasses the $31 resistance level, it could target $47 or higher. The current trading volume is over $2.9 billion, with LINK priced at approximately $23.6, reflecting a nearly 2% decline over the past day.
Technical Analysis and Forecast
- Elliott Wave Structure: Traders are observing Chainlink's upward momentum, with an Elliott Wave analysis suggesting a continued rise. The key support levels identified through Fibonacci retracements include $10.70, $13.28, and $6.90, indicating a strong potential for upward movement if market conditions remain favorable.
- Backtesting Phase: Chainlink is in a backtesting phase, confirming the strength of the $23 support. A successful backtest could lead to a breakout to higher price levels, while a drop below $23 would necessitate a reevaluation of market outlook.
Chainlink's Partnership with the U.S. Government
- Significant Collaboration: Chainlink has formed a partnership with the U.S. Department of Commerce, which is a pivotal development for both the cryptocurrency and blockchain sectors. This collaboration aims to integrate key economic data, such as GDP and inflation statistics, onto the blockchain via Chainlink’s oracle services.
- Impact on Global Finance: This partnership is expected to enhance Chainlink's role in decentralized finance, positioning it as a central player in the financial infrastructure. The integration of official government data into the blockchain could open new opportunities for blockchain technology in the global financial landscape.
About the author

Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.