PYTH Targets New 80% Rally
The cryptocurrency PYTH has experienced a meteoric rise of over 100% in the last 24 hours, galvanized by the U.S. government’s initiative to distribute key economic data via blockchains like Bitcoin, Ethereum, and Solana. The plays an essential role in the decentralized verification of this on-chain data.
Although this spectacular surge is impressive, PYTH has not yet reached its all-time high of $1.20. With a current price of $0.223, there’s still significant room for growth. Despite losses of approximately 16% year-over-year, on-chain and technical signals indicate that PYTH could still climb higher, even though volatility remains a concern.
A Showdown Between Buyers and Whales
On-chain analysis reveals a mixed picture. On one hand, a group of whales reduced their positions by approximately 2.86% over the past 24 hours. But on the other hand, other cohorts of buyers have filled this void. Exchange reserves have decreased by 77.2 million PYTH, equivalent to $17.2 million at $0.223, indicating accumulation outside exchanges and reduced selling pressure.
Meanwhile, the top 100 addresses (another category of whales or mega-whales) have added 24.1 million PYTH, approximately $5.37 million. In total, buyers have absorbed more than $22 million worth of tokens, demonstrating sustained overall demand despite profit-taking by some holders.
Mixed Technical Signals
The daily chart shows a “megaphone” pattern, indicating increased volatility and sharp movements. However, technical analysis remains encouraging: The 50-day exponential moving average (EMA) is about to cross above the 100-day EMA, forming a potential “golden cross,” often considered a bullish signal.
On a 4-hour timeframe, the Bull Bear Power indicator remains positive, indicating that buying pressure still dominates selling pressure. This confirms that bulls maintain control over momentum, even in the face of occasional price corrections.
After a 100% increase in 24 hours, he maintains potential toward $0.40, representing nearly 80% additional gains. Nevertheless, investors should remain vigilant in the face of high volatility, adopting a cautious strategy and adequate diversification to benefit from this boiling market.
How to Buy PYTH on Bitget
The current price of Pyth Network is approximately $0.223. A 100% increase over the past 24 hours. Take advantage of this unique opportunity following this historic agreement.
Here’s how to buy PYTH on Bitget:
- Sign up on Bitget: Create an account on the official Bitget website using an email address or phone number. Complete KYC verification for full access.
- Deposit funds: Go to the “Deposit” section and transfer funds in fiat (EUR, USD) or cryptocurrencies like USDT.
- Select the PYTH pair: In the “Markets” tab, choose the PYTH/USDT or PYTH/BTC trading pair.
- Buy PYTH: Opt for a market order (immediate purchase) or a limit order (fixed price). Confirm the transaction.
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