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Solana’s Pyth Oracle Network (PYTH) Lands Binance Listing

2 mins
Updated by Ryan James
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In Brief

  • Binance announces the listing of Solana-based Oracle platform, Pyth Network (PYTH), enabling spot trading from Feb 2, 2024.
  • PYTH, a decentralized oracle network, is listed on Binance with a Seed Tag, indicating innovative projects with higher risk.
  • PYTH's recent technical analysis suggests a potential price surge of 67.55% towards $0.83, but warns of inherent high volatility.
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Binance, one of the world’s leading cryptocurrency exchanges, has announced the listing of Solana-based Oracle platform – Pyth Network (PYTH).

Starting from February 2, 2024, at 12:00 (UTC), Binance users will have the opportunity to engage in spot trading with new pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY, marking a pivotal moment for the Pyth Network and its community.

Binance Lists PYTH With a Seed Tag

Pyth Network is a decentralized oracle network that delivers high-fidelity, real-time market data directly to blockchain networks.

The introduction of PYTH to Binance comes with a noteworthy classification: the Seed Tag. This designation is reserved for tokens representing innovative projects with promising potential, higher volatility, and risk.

Read more: What Is a Blockchain Oracle? An Introductory Guide

PYTH is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to PYTH’s fundamentals, and fully understand the project before opting to trade the token,” Binance warned.

Due to PYTH’s Seed Tag status, Binance requires educational steps for users trading PYTH or similar tokens. Users must pass quizzes every 90 days. These quizzes ensure users understand the risks of these new, possibly more volatile assets.

Technical analysis of PYTH reveals a promising outlook. The token’s recent breakout from a cup and handle formation, a bullish technical indicator, suggests potential for significant price appreciation.

The analysis projects a possible surge of 67.55% toward the $0.83 zone, contingent upon overcoming resistance near the November 2023 highs of $0.55.

Read more: 13 Best Altcoins To Invest In February 2024

Pyth Network (PYTH) Price Performance
Pyth Network (PYTH) Price Performance. Source: TradingView

This technical perspective offers an intriguing glimpse into PYTH’s market dynamics, serving as a valuable tool for informed trading strategies.

However, prospective investors should heed the cautionary note regarding PYTH’s inherent risk profile. As with any cryptocurrency, especially those bearing the Seed Tag, PYTH’s market performance is subject to high volatility.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.