PYTH Network has staged a powerful comeback, with its token price jumping more than 100% in just 24 hours. The surge came after the US Commerce Department announced it would distribute GDP data on blockchains such as Bitcoin, Ethereum, and Solana. Pyth Network, a leading data oracle, has been chosen to verify this information on-chain, giving the project strong visibility.
Despite this sharp move, PYTH is not yet in price discovery. At around $0.223, the token trades well below its all-time high of $1.20. This leaves significant room for potential growth, even though the token has lost around 16% over the past year. Analysts point out that both technical signals and on-chain activity suggest PYTH could still climb higher, though traders should brace for volatility.
Mixed Whale Activity as Buyers Absorb $22 Million
On-chain data reveals a divide between different investor groups. Traditional whales trimmed their holdings by about 2.86% in the past 24 hours, likely booking profits after the sudden spike. However, this selling was offset by fresh demand from other cohorts.
Exchange reserves fell by 77.2 million PYTH, equal to roughly $17.2 million at current prices. This outflow from centralised exchanges suggests accumulation in private wallets, which reduces immediate sell pressure.
PYTH Buyers In Charge: Nansen
At the same time, the top 100 largest addresses increased their holdings by 24.1 million PYTH, worth around $5.37 million. Combined, these moves show that buyers absorbed more than $22 million worth of tokens, even as some whales exited.
The split reflects two types of sentiment: short-term traders cashing in on hype, and long-term investors treating the US government’s use of Pyth as a sign of broader adoption. For now, the latter group appears to be holding control.
Technical Chart Shows Volatility but Bullish Momentum
Looking at the daily chart, PYTH is trading within a megaphone pattern. This setup signals higher volatility, as the distance between highs and lows continues to widen. Traders should therefore expect sharp price swings before any sustained breakout.
PYTH Daily Price Chart: TradingView
Still, moving averages hint at bullish strength. The 50-day Exponential Moving Average (EMA) is on the verge of crossing above the 100-day EMA. This kind of “golden crossover” often signals that buyers are gaining more influence than sellers.
If confirmed inside the megaphone pattern, this crossover could act as a trigger for a breakout to the upside. The chart suggests that if PYTH can push beyond the upper trendline, further gains are likely to follow.
Key Price Levels: Support and Resistance to Watch
On the 4-hour timeframe, the Bull Bear Power (BBP) indicator remains positive, showing that buying strength is still outweighing selling pressure. This points to bullish momentum in the short term, even if intraday dips occur.
The nearest support levels are at $0.1935 and $0.1730. A move below these zones would challenge the bullish outlook and potentially invite further selling.
PYTH Price Analysis: TradingView
On the upside, resistance at $0.2622 is the next major hurdle. A breakout above this point could open the door for a rally towards $0.40. From its current level around $0.223, that would represent an almost 80% increase.
Bulls in Control, But Caution Advised
The recent $22 million buying activity shows that investors are still confident in PYTH’s long-term potential. The project’s role in verifying US government data on blockchains adds credibility, while technical signals back the bullish case.
However, the megaphone pattern warns of volatility ahead, meaning price swings could remain sharp in the short run. Traders looking for opportunities should watch the support and resistance levels closely, as a confirmed breakout above $0.2622 could fuel the next leg higher.
