Chainlink Price Rebounds on Strong Adoption Led By U.S. Government and Caliber

Chainlink (LINK) price rallied as much as 10% on Thursday to reach a range high of $26 before retracing to trade about $24.8 during the mid-North American session. The large-cap altcoin, with a fully diluted valuation of about $24.8 billion, recorded higher volatility during the New York session following the announcement of several high-impact news.

Chainlink Bumps Mainstream Adoption 

The mild LINK price bump on Thursday was largely fueled by the announcement that the Chainlink network had partnered with the United States Department of Commerce to onboard the country’s macroeconomic data on-chain. Notably, Chainlink Data Feeds are now being used to onboard U.S. GDP data on several blockchains led by Bitcoin (BTC) and Ethereum (ETH).

The Chainlink team also announced on Thursday that its research has accumulated 42,298.22 LINK as of August 28th, thus increasing its trove to a total of 193,076 LINK. Earlier today, Caliber (NASDAQ: CWD), a real estate asset manager based in Arizona, announced that it will be acquiring LINK for its treasury strategy and participate in staking to earn yield.

“Caliber assembled a team of experts, with our legal advisors at Perkins Coie and at Manatt, Phelps and Phillips, our existing audit firm, Deloitte, and our Crypto Advisory Board to ensure that we have the knowledge, skillset, and governance needed to execute this strategy responsibly and effectively. Now that our intentions are clear to the public, we look forward to deepening our relationships with the incredibly robust community supporting Chainlink’s mission and vision,” Chris Loeffler, Chief Executive Officer of Caliber, noted. 

What’s Next for LINK Price?

Chainlink price has traded in a symmetrical rising channel since mid-June this year. In the daily timeframe, LINK price has been forming a mid-term reversal pattern after hitting a major resistance level around $26.

From a technical analysis standpoint, LINK price could drop as low as $20 in September before continuing with a bull rally towards its all-time high. Furthermore, LINK’s daily Relative Strength Index (RSI) has formed a bearish divergence amid a possible head and shoulders (H&S) pattern.