- Chainlink price dipped to $22.74 but trading volume surged 77% to $1.24B, showing strong buying interest
- Cardano plans to integrate Chainlink oracles, a move expected to boost liquidity in Cardano’s DeFi ecosystem
- Chainlink’s U.S. Department of Commerce deal adds credibility, fueling optimism for a price rebound near $28
Chainlink (LINK) faced price rejection at the $25 mark, sliding to a 24-hour low of $22.74. The decline reflected volatility across the broader cryptocurrency market. At the time of reporting, LINK traded at $22.92, marking a 3.44% drop in daily performance. The token had earlier reached a peak of $23.85 but failed to sustain momentum above $23.05, which triggered bearish pressure.
Despite this pullback, LINK’s trading activity painted a different picture. Data indicated that trading volume rose by 77% within the same period, reaching $1.24 billion. This increase suggested that investors viewed the dip as a buying opportunity. The heightened activity highlighted optimism that the token might recover in the near term.
Cardano Integration Could Strengthen DeFi
A potential catalyst for LINK’s recovery lies in its planned integration with Cardano. Charles Hoskinson, the founder of Cardano, outlined intentions to collaborate with Chainlink. The integration would allow Cardano to utilize Chainlink’s oracle network, enhancing the reliability of smart contracts on the blockchain.
Such collaboration could bring liquidity and credibility to Cardano’s decentralized finance ecosystem, which currently lags behind competitors. By securing accurate and real-time data, Chainlink could strengthen the foundation for Cardano’s DeFi projects. Market observers consider this development a key factor that could support future price growth for LINK.
U.S. Government Collaboration Boosts Outlook
Another development supporting bullish sentiment is Chainlink’s new partnership with the U.S. Department of Commerce. As part of the collaboration, Chainlink will provide data feeds from the Bureau of Economic Analysis. The initiative underscores the utility of Chainlink’s oracle services beyond the crypto sector.
This government-backed collaboration adds weight to LINK’s credibility and long-term adoption. Analysts, including Ali Martinez, have projected that LINK could retest the $28 mark if buying momentum continues. Large holders, or whales, are expected to play a significant role in supporting this potential rebound.
