Pyth Network is one of the best-performing cryptocurrencies at the moment. It is up by 13% to trade at $0.55 and a market capitalization of $826.82 million. Pyth Network’s volumes are also rising and stand at $159.64 million.
Pyth Network has become one of Chainlink’s biggest competitors in the decentralized oracle space. Pyth Network has grown in popularity mainly because it can give real-time financial data to Dapps spanning forty blockchains. Pyth Network has also grown in popularity because it takes data from some of the largest cryptocurrency exchanges today, including Binance and CBOE Global Markets.
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While Pyth Network’s strong use case has been a key value driver, the current surge in value has much to do with announcing an airdrop. Pyth Network has announced a second airdrop worth $48 million to Dapps creators.
The Pyth Retrospective Airdrop was not just for DeFi participants and individuals from the community.$PYTH Tokens have been distributed to over 160 #PoweredByPyth dApps across 27 chains.
Learn more below: pic.twitter.com/4zH82PMluR
— Pyth Network 🔮 (@PythNetwork) February 7, 2024
According to a communication by the Pyth Network team, the airdrop targets 167 Dapps, receiving 100 million Pyth Tokens.
This is the second time that Pyth Network has offered an airdrop and generated excitement in the market. Pyth Network first did an airdrop for 255 million tokens given to those who invested early in the network.
Pytyh Network is currently available on most major exchanges, and this is helping drive up volumes now that the airdrop is driving up excitement in the token. Pyth Network is currently available on top exchanges such as Binance, Kucoin, Gate.io, and ByBit.
In the sections below, we look at Pyth Network’s price potential now that the airdrop has coincided with rising bullish momentum across the crypto market.
Pyth Network (PYTH) Price Prediction
When going to press, Pyth Network was trading at $0.5446, with a market capitalization of $816 million. Volumes have shot up by 114% in the last 24 hours to stand at $164.69 million.
Pyth Network is currently on an upward trajectory since it was listed on Binance on 2nd February. While buying volumes slowed down post-listing, they have shot up again since 8th Feb and are accelerating.
While Pyth bulls are clearly in control, they must break through $0.5798. This is the highest price that Pyth Network hit on the day of the Binance listing and is now a critical resistance level.
If bulls can push Pyth Network through the $0.5798, PYTH could see a rally that could push the price to $1 or more.
However, two scenarios could play out if the airdrop hype fades and buying volumes drop. First, Pyth Network could enter a consolidation phase between $0.4724 and its most recent high of $0.5798.
On the other hand, if bears take control and push Pyth Network through the $0.4724 support, then PYTH could end up eating up all the gains it has accumulated post-Binance listing.
The Bullish Case For Pyth Network
While three scenarios could play out for Pyth Network in the short term, the bullish case is strongest. That’s because, besides the hype around Binance listing and a second airdrop, Pyth Network has solid fundamentals.
This cryptocurrency is proving to be up to the challenge of challenging Chainlink for dominance in the decentralized oracles space. With all the hype that Pyth Network has received recently, more investors now know of this and could see buying volumes continue to increase.
Pyth Network is also making all these moves and announcements at a time when the broader market environment is favorable. In the past 24 hours, Bitcoin has crossed the $46k mark, which has reignited optimism that the bull market has started.
This means investors are likely to start pumping money into altcoins that show promise of exponential value growth if Bitcoin sustains the current momentum ahead of the halving.
With Pyth Network already showing sustained upside momentum and good news coming out regularly, this could be one of the altcoins investors are interested in over the weekend.
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