PYTH Eyes Another 80% Rally Amid Volatility Risks as Buyers Scoop $22 Million
The post PYTH Eyes Another 80% Rally Amid Volatility Risks as Buyers Scoop $22 Million appeared on BitcoinEthereumNews.com.
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. PYTH Buyers In Charge: Nansen 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. For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. 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. PYTH Daily Price Chart: TradingView…
