- Chainlink maintains a bullish structure with $23 key support level intact.
- Analysts highlight $47 breakout as a crucial step for higher momentum.
- U.S. Commerce data partnership boosts Chainlink’s role in blockchain adoption.
Chainlink ($LINK) continues to draw market attention as it maintains strength in the current market cycle. Analysts report that its Elliott Wave structure is one of the most reliable patterns among digital assets. The price has held firmly above a key support level, signaling trend stability.
Technical Structure and Price Outlook
More crypto online data shows that Chainlink maintains strong support at $23. Analysts see this level as the base of its bullish formation.
The next resistance stands at $31, and a confirmed breakout above it could open the path toward $47. Fibonacci extensions highlight long-term targets at $122 and even $219.
While short-term corrections remain possible, analysts emphasize that the Elliott Wave count continues to favor bullish continuation. At press time, Chainlink is trading at $24.70, showing a 1.87% increase in the past 24 hours.
Traders note that holding above $23 is essential for preserving the bullish structure. A move beyond $31 would confirm trend strength and may trigger further upside momentum in the coming weeks.
Partnership With U.S. Department of Commerce
Chainlink recently announced a partnership with the U.S. Department of Commerce. The collaboration will deliver government macroeconomic data onchain for the first time.
This data will be distributed across multiple blockchains, including Arbitrum, Avalanche, Base, Ethereum, Linea, Mantle, Optimism, Sonic, Botanix, and zkSync. Reports highlight that Chainlink is the only Oracle platform that integrates across all six major networks.
The initiative marks an essential step in blockchain adoption. They added that government-backed data feeds could help increase institutional confidence in decentralized networks. By connecting official data sources with blockchain applications, Chainlink strengthens its role as the leading oracle provider.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
