PYTH price jumped more than 100% in the past 24 hours, helped by the US Commerce Department’s move to distribute GDP data on blockchains like Bitcoin, Ethereum, and Solana, with Pyth Network verifying data on-chain.
The rally, however, has not yet put PYTH in price discovery. At $0.223, it is still well below its all-time high of $1.20, leaving room for growth. Even with one-year losses of about 16%, on-chain and technical signals show that PYTH could still climb further, though volatility remains a concern.
Buyers Step In As One Cohort Trims
On-chain activity shows a split. Regular whales reduced their holdings by about 2.86% in the last 24 hours, but other buyer cohorts filled the gap.
Exchange reserves fell by 77.2 million PYTH, equal to $17.2 million at $0.223, as tokens left centralized exchanges. This signals accumulation outside exchanges and a reduction in sell pressure.
At the same time, the top 100 addresses (another category of whales or mega whales) added 24.1 million PYTH, worth around $5.37 million. Taken together, buyers absorbed more than $22 million worth of tokens. While regular whales took some profit, overall demand stayed strong.
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This tug-of-war explains the mixed sentiment. Some traders are selling on the US government data announcement, seeing it as a short-term hype play, while others treat it as a long-term adoption signal. So far, the latter group seems to be winning.
Megaphone Pattern Hints At Volatility, But EMA Signals Bullishness
The daily PYTH price chart shows a megaphone pattern, with highs and lows spread further apart. This reflects higher volatility and suggests sharp swings may occur before a breakout.
Within this setup, moving averages tell their own story. A past crossover triggered the last rally, and now the 50-day EMA or Exponential Moving Average (orange line) is close to crossing above the 100-day EMA (sky blue line).
The Exponential Moving Average (EMA) is a line on the chart that smooths out price moves by giving more weight to recent data. Traders use it to spot the overall direction of the market. When a shorter EMA (like the 50-day) moves above a longer EMA (like the 100-day), it means buyers are becoming stronger than sellers.
This potential “golden crossover” inside the megaphone adds a bullish trigger. If confirmed, it could help PYTH break out of the pattern despite the expected swings.
The upper trendline breakout could push the PYTH prices higher.
Key PYTH Price Levels To Watch As Bulls Stay In Control
The 4-hour chart is better for spotting near-term price action. On this timeframe, the Bull Bear Power (BBP) indicator remains positive, meaning buying pressure is stronger than selling. This suggests bulls are still in control of momentum, even if intraday PYTH price pullbacks occur.
The Bull Bear Power (BBP) indicator measures the strength of buyers versus sellers by comparing the price to a moving average.
At this time, $0.1935 and $0.1730 are key supports. A drop below these would challenge the bullish view. On the upside, clearing $0.2622 could open the way to $0.40. From $0.223, that would mean nearly an 80% rally.
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