Pyth Network Price Analysis – Bulls Target $0.079 as July 31 Upgrade Fuels Momentum

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Pyth Network Price Analysis – Bulls Target $0.079 as July 31 Upgrade Fuels Momentum

Highlights:

  • PYTH gains 5% as institutional adoption and the July 31 Core Upgrade fuel renewed investor optimism. 
  • Subscription-based Core Upgrade could boost PYTH through sustainable revenue, reserves, and future token buybacks. 
  • PYTH eyes $0.059 resistance as bullish momentum builds despite rising geopolitical and macroeconomic risks. 

Pyth Network (PYTH) is in the green on a day that the broader cryptocurrency market is sending mixed signals. When writing, Pyth Network was trading at $0.05, up 5.2% in the day. Pyth Network is also up 18% in the day, a strong indicator that bulls are firmly in control. Looking ahead, the odds are high that Pyth Network could continue outperforming most altcoins. 

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Institutional Integration Drawing Investors to PYTH

A key factor driving Pyth Network momentum is its growing adoption by institutions. Unlike in the past, when the cryptocurrency market rallied in unison whenever Bitcoin pumped, fundamentals are now taking center stage.

On this front, Pyth Network is emerging as a winner in the decentralized data oracle space. Recently, Pyth Network has added several fixed-income data providers to its stable, including TradeWeb. With these moves, Pyth Network’s market now spans both cryptocurrencies and traditional finance.

With narratives like RWAs pointing to greater interconnection between cryptocurrencies and traditional finance in the future, Pyth is well-positioned for growth. The impact is that it is attracting value-chasing investors looking to capitalize on the growing institutional interest in the cryptocurrency market. The institutional adoption is also coming at a time when PYTH is trading at record lows relative to its last all-time highs. This makes it heavily undervalued and could help drive up institutional and retail FOMO. 

Upcoming Core Upgrade Could Send PYTH Higher Short Term

Pyth Network is also seeing renewed investor interest thanks to the Core Upgrade scheduled for July 31. With this upgrade, Pyth Network will shift from a free-feeds model to a subscription-based approach for price feeds. This is a big deal, as it creates long-term, sustainable revenue for the Pyth Network. Through this new revenue stream, the PYTH token could grow in value thanks to a growing reserve and a token buyback mechanism.

With the upcoming upgrade, investors will have a clearer idea of how PYTH will sustain itself. The immediate impact of the upcoming upgrade is retail FOMO, with investors anticipating a rally as the date approaches. Over the long term, the upgrade could see Pyth Network attract institutional investors more interested in real value generation than in purely speculative tokens. 

Momentum Traders Adding to PYTH Bull Trend

Pyth Network is also getting a boost from momentum traders who have come after the recent price rebound. Now that there is news to look forward to, analysts’ hype is likely to attract more traders to PYTH. Hype is already building up on social media as analysts talk up a parabolic rally for PYTH ahead of the upcoming upgrade. This is likely to keep attracting leveraged buyers whose upside price pressure could send PYTH much higher in the foreseeable future.  

However, like every other cryptocurrency, PYTH faces major macro risks in the short term. The war in Iran has restarted and is threatening global oil supplies. If oil prices surge, investors could flee risk-on assets and rush to the dollar. A strengthening dollar could trigger a major correction for PYTH regardless of its fundamentals. 

Technical Analysis – Pyth Network Price Continues Multi-Week Rally as Bulls Take Control

PYTH continues the uptrend after a reversal at the $0.031 support on June 27. If the uptrend continues, PYTH could rally to the $0.059 resistance in the short term. A rally through $0.059 could see PYTH hit $0.079 in the short term.

PYTH Price Chart
PYTH Price Chart: TradingView

However, if bears regain control, a correction back to the $0.031 support could follow. Of these two scenarios, a rally to the $0.059 resistance, or higher, is more likely. This is due to the rising bullish momentum around PYTH, especially with the upcoming network upgrade on July 31.

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