Pyth Network Soars as Chainlink Secures U.S. Data Deal on Blockchain

Pyth Network rallied after securing a U.S. Commerce Department deal, boosting confidence in blockchain-based economic data delivery.

Technical analysis shows PYTH may start a strong uptrend with targets between $0.74 and $6.05, supported by Elliott Wave patterns.

Chainlink’s U.S. government partnership puts key GDP and inflation data on-chain, unlocking new use cases for DeFi and developers.

The crypto market is buzzing as Pyth Network (PYTH) and Chainlink made two significant moves that could reshape digital finance. PYTH jumped 49.5% after the U.S. Commerce Department partnered with Pyth Network to release official economic data on-chain. At the same time, Chainlink secured a groundbreaking deal with the U.S. government to deliver key macroeconomic statistics across multiple blockchain networks.

This twin development shows how blockchain's entry into practical systems is being accelerated by institutional and governmental embrace. These collaborations are interpreted by analysts and investors as an indication of increased trust in decentralized data solutions.

Pyth Network’s Elliott Wave Breakout

According to Vuori Trading, PYTH may have completed a classic Elliott Wave correction pattern. The token now trades near $0.079. Analysts highlight a decisive break above its long-term descending trendline, signaling fresh bullish momentum.

Source: Vuori Trading

Technical projections indicate strong upside potential. The conservative target lies at $0.74, while Fibonacci extensions suggest levels as high as $6.05. Vuori Trading emphasized, “Watch that $0.74 level! That’s our first target! IF rejected this thing will go to the Goblin Town! IF passed everything from $2-5 is possible!!!”

Besides technical signals, RSI strength and price consolidation point to renewed investor optimism. Consequently, many traders believe PYTH is entering a sustained uptrend phase after months of correction.

Chainlink Brings U.S. Data On-Chain

Additionally, Chainlink revealed its official partnership with the U.S. Department of Commerce. The deal delivers Bureau of Economic Analysis data directly on-chain. This includes GDP, PCE price index, and private domestic sales data.

The data will be accessible across ten leading blockchains, including Ethereum, Arbitrum, Avalanche, Optimism, and Base. Moreover, developers can use this data for trading strategies, tokenized assets, prediction markets, and lending risk models.

Nate Geraci, ETFStore president, remarked, “The crypto ecosystem is evolving faster than many can keep pace with.” Hence, the partnership confirms blockchain’s growing importance in mainstream markets.

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