Chainlink LINK price fell on Friday as short-term traders cashed in on LINK’s rise following its announcement of helping the US Government put economic data on-chain. The US Department of Commerce is tagging Chainlink (LINK) to help the US government bring “government macroeconomic data on-chain, per Commerce Secretary Howard Lutnick. The announcement was a bullish flag not just for LINK holders, but for the vast crypto market. However, a dip was expected as investors cashed in and sent price back down.
Chainlink is the next RWA foundational chain, gaining traction because of the budding tokenization narratives. Cardano is also embracing the true decentralization elements, boasting a perfect spot for Wall Street assets to come on the ADA chain.
Chainlink LINK Price Dip: A Can’t-Miss Buy-The-Dip Opportunity?
Despite the recent dip, Chainlink’s US Government blockchain deal is still one that could send LINK surging in value. After the short-term dump, LINK is expected to rally back to $25 and above in a matter of days. A US Government department’s trust in Chainlink is a bullish signal for investors in the native LINK coin, as it could surge soon, with prices already targeting $30 next.
Additionally, on the daily price chart, LINK is trading around $23 after breaking out of a multi-year consolidation wedge. This move could mark the beginning of a much larger rally. The altcoin’s RSI sits at 52, signaling bullish control with plenty of room to grow. Meanwhile, LINK’s MACD is flattening, hinting at a shift in momentum as well. Further, Chainlink analysts suggest that LINK has the chance to surge back towards the $50 level and establish a new all-time high. Once it hits that level, it could open the door to a larger breakout towards $150.
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Furthermore, the potential approval of a Spot Chainlink LINK ETF could send the asset skyrocketing as well this year. While several crypto ETF decisions have been delayed again by the SEC, the odds of LINK and XRP ETF approval remain high, painting a bullish narrative for the former. Needless to say, once approved, this development could trigger a chain reaction of sorts, pushing things in motion. The markets could witness a sharp altcoin rise, with Bitcoin and Ethereum hitting new highs at the same time.
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