The United States Department of Commerce partnered with Chainlink to publish macroeconomic indicators from the Bureau of Economic Analysis on blockchain. It will be the first time U.S. government economic data is on-chain and verifiable and secure.
Real Gross Domestic Product and the Personal Consumption Expenditures Price Index, as well as Real Final Sales to Private Domestic Purchasers, are now available through Chainlink oracle infrastructure. These feeds have been implemented in ten blockchains, such as Ethereum, Avalanche, Arbitrum, and Optimism, with more likely to come as adoption is projected to increase.
The data feeds are updated every month or quarter, and so the data can be incorporated into decentralized applications by the developer with official U.S. economic data. This facilitates prediction markets, tokenized assets and risk management instruments, which need the trustworthy actual information.
Chainlink and the Department of Commerce are enhancing the connection between conventional systems and decentralized markets by putting government-sourced data into blockchain. The move is also indicative of the expanding awareness that blockchain is a part of critical national infrastructure.
Chainlink has enhanced its engagement with regulators and policymakers within the United States. Previously, the company had collaborated with Securities and Exchange Commission to discuss compliance of broker-dealers and transfer agencies earlier this year.
In addition, Chainlink also partnered with the SEC crypto task force to demonstrate how compliance operations can be directly built into blockchain systems. This brought into focus Chainlink ACE, which is compliance logic embedded at the infrastructure level, to address regulatory demands.
The leadership of the company, such as the co-founder Sergey Nazarov, has actively engaged in policy debates with legislators. Nazarov took part in legislative hearings around crypto market structure with Senator Tim Scott, and Chainlink was listed on a White House report as critical infrastructure to stablecoins.
The increasing influence of Chainlink can also be highlighted by the GENIUS Act, a federal law passed that creates a stablecoin framework. The law positions secure oracle infrastructure as essential for the long-term adoption of tokenised assets and digital money.
Chainlink price is now testing the $25.5 level, a key Fibonacci retracement zone drawn from the 2021 high of $53 to the 2022 low of $4.9. A monthly close above this level would confirm a structural breakout and mark the strongest close since December 2021.
LINK Monthly Chart : Source : X
The next resistance zones are $28.9 and $34.6, representing the 0.5 and 0.618 Fibonacci levels respectively. These could act as near-term barriers where consolidation may occur before further upside moves.
At the time of writing, LINK trades around $25.13 with a 2.78% daily gain, signalling sustained accumulation rather than short-term speculation. Market activity shows price holding above the $23 support, which maintains the validity of the current bullish structure.
The altcoin is forming what appears to be wave iii of an Elliott Wave pattern, often the most powerful part of a rally. A breakout and weekly close above $31 would confirm this setup and open the path to $47.5 and beyond.
LINK Elliott Wave Pattern : Source : X
Further upside targets include $68.1 at the 123.6% extension and $85 at 138.2%, with long-term projections between $122 and $158. However, if LINK fails to hold $23, the bullish count would be at risk, potentially exposing price to $17.3 or lower.
The current setup depends on preserving support and breaking above $31, both of which would validate continued upward movement. If achieved, LINK blend of technical strength and institutional momentum could sustain higher valuations into the next quarter.
Ronny Mugendi is an experienced crypto journalist with four years of professional expertise, having made substantial contributions to multiple media platforms covering cryptocurrency trends and innovations. With more than 4,000 published articles to his name, he is dedicated to informing, educating, and bringing more people into the world of Blockchain and DeFi. Beyond his journalism work, Ronny finds excitement in bike riding, enjoying the adventure of exploring fresh trails and landscapes.