Chainlink LINK Holds Steady at $22.74 Following Major U.S. Government Partnership

Chainlink's LINK token is demonstrating resilience at $22.74 despite a 2.49% decline over the past 24 hours as traders process mixed market signals. The September 1st announcement that the U.S. Department of Commerce has adopted chainlink oracles for macroeconomic data delivery represents a pivotal moment for blockchain integration within government systems.

Technical indicators present a neutral outlook, with RSI at 49.34 and bearish MACD divergence suggesting short-term caution. Market response has been typically volatile—the partnership news was followed by a 3.25% price drop by August 29th, underscoring the disconnect between fundamental achievements and immediate price movements.

The tempered reaction may indicate profit-taking activities or broader cryptocurrency market pressures. This development builds upon Chainlink's August 25th collaboration with Japan's SBI Group, providing further evidence of accelerating institutional adoption momentum.