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Chainlink (LINK) surged 3% to trade around $24 on Monday, marking a beginning of a strong performance in September despite a broadly cautious crypto market.
The rally was fueled by two significant announcements: a landmark U.S. government partnership to publish macroeconomic data on-chain and Bitwise’s filing for a spot Chainlink ETF with the SEC.
The U.S. Department of Commerce confirmed that the Bureau of Economic Analysis (BEA) will now release critical indicators such as GDP growth and the PCE Price Index directly across blockchain ecosystems like Ethereum, Arbitrum, and Optimism.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which already handled $130 million in transfers this week, will play a vital role in ensuring data reliability across networks.
The ETF move positions Chainlink at the forefront of blockchain adoption by governments. Commerce Secretary Howard Lutnick believes that the decision indicates America’s growing commitment to digital innovation, noting that the first on-chain data point published was a 3.3% GDP growth figure.
Analysts believe the integration of government data could revolutionize sectors ranging from automated trading strategies to decentralized finance (DeFi) risk management.
Mike Cahill, founder of Douro Labs and a core contributor to Pyth Network, called the initiative “a new wave of transparency and innovation.
By bringing trusted government data on-chain, Chainlink strengthens its role as a backbone for blockchain-based financial products, real-time prediction markets, and tokenized asset platforms.
From a technical perspective, Chainlink’s price action shows bullish momentum building near resistance levels. The token rebounded from $23 support last weekend and is now testing the $23.50-$24 resistance zone. A successful breakout above $25.50 could open the door for targets at $27.20 and $29.50, aligning with February’s highs.
However, analysts caution that a failure to hold above $24.20 may weaken the short-term outlook, potentially pushing LINK back toward the $23.00 support area. Still, with institutional interest rising after Bitwise’s ETF filing and government adoption underway, sentiment around Chainlink remains notably bullish.
As one of the few altcoins outperforming in a market weighed down by Bitcoin’s pullback, Chainlink’s latest surge may be a sign of growing resilience, and possibly the start of a larger breakout.
Cover image from ChatGPT, LINKUSD on Tradingview
