Pyth Network is one of the top cryptocurrencies leading the way as the market turns bullish. In the last 24 hours, Pyth Network has gained by 37% to trade at $0.75.
Pyth is a decentralized data oracle network that has grown in adoption incredibly quickly. Pyth, which defines itself as a first-party data oracle, now boosts more than 40 blockchains to which it provides real-time data, and the numbers are growing. Pyth Network also prides itself in halving more than 380 low-latency price feeds on a broad spectrum of cryptocurrencies. Essentially, Pyth is one of the top decentralized data oracle cryptocurrencies, giving Chainlink a run for the money, and it is winning.
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New Major Partnership
The current price rally has a lot more to do with the buildup of FOMO across the crypto market. There is also a lot happening within the Pyth Network ecosystem itself. Today, Pyth Network announced on X that it is now in partnership with the HBAR Foundation.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera 🔮
HLiquity is the first DeFi application on Hedera to be Powered by Pyth.
Learn more about this launch below:
ℹ️ About the HBAR Foundation
The HBAR… pic.twitter.com/dRbFRwgpBG
— Pyth Network 🔮 (@PythNetwork) February 26, 2024
The partnership is a big deal as it now brings more than 400 price feeds that use Pyth Network to the Hedera Network, opening up liquidity on the Hedera Network while at the same time entrenching Pyth Network as one of the best-decentralized data oracles in the market today.
Whales Dig In
Besides news of this partnership, the markets are also excited that whales are buying up PYTH token even at current prices. One such whale has just bought $155,859 worth of PYTH tokens. The whale bought these tokens at an average of $0.62, which is pretty close to Pyth Network’s current price of $0.75. It is an indicator that big investors are bullish that even after Pyth rallying for nearly a month now, the fundamentals are sound and that the token could be headed to much higher prices.
For investors looking to buy Pyth Network, the token is available on most popular top-tier centralized exchanges. Among the best-centralized exchanges where investors can buy PYTH are Binance, OKX, and KuCoin. For those who prefer to use Decentralized Exchanges, PYTH tokens are available on Orca, one of the most popular DEXs in the market today. Since this DEX runs on the Solana blockchain, the fees for buying are pretty low, which means even small-time investors can jump on the PYTH price rally without gas fees eating all their money.
In the section below, we make a PYTH price prediction to try and determine how it can trade now that Bitcoin is in a breakout and shows signs of pulling the rest of the cryptocurrency market along with it.
Pyth Network Crypto Price Prediction
When going to press, Pyth Network was trading at $0.75, up by 37%, giving the token a market capitalization of $1.110 billion. Trading volumes were also on the rise, up by 881% to hit $54.8 million in the day.
After its recent price correction that started on Feb 14th, PYTH found strong support at $0.5238, a price level where it has been consolidating for the past couple of days. However, with today’s bullish breakout across the market, PYTH has also gained upside momentum and pushed through $0.6892, which was a key inter-day resistance level.
If bulls can sustain the current upside momentum, then Pyth Network could be headed to $1, which is now a key target in the short term. If Pyth Network bulls manage to push the token through the $1 mark, then a parabolic move to $2 or more could be within reach.
However, two scenarios could play out if the upside momentum slows down. The first is a consolidation between $0.75 and $0.6892, now a key support level. This could be followed by another upside rally if the broader market continues to build momentum.
On the other hand, if bears take control and push PYTH through $0.6892, which is now a key support level, then $0.5238, which is a more solid support level, could come into focus in the day.
PYTH Price Prediction – Why $1 Is Within Reach
While any of the scenarios above could play out today, a bullish rally to $1 seems more likely. That’s because the broader market is strongly bullish at the moment, with Bitcoin edging closer to its all-time highs. In this environment of high optimism, PYTH releases good news on partnerships that add to the momentum.
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