Pyth Network (PYTH) Maintains Bullish Sentiment Amid Impressive Price Surge

Pyth Network (PYTH) is gaining significant traction within the world of cryptocurrencies as the token is currently witnessing a colossal price surge.

Moreover, the token is emerging as one of Chainlink’s top competitors within the crypto markets, grabbing significant attention among crypto traders and investors.

Chainlink, known as the oracle of networks, recently emerged as one of the leading cryptocurrencies in the market as the token witnessed an upsurge, breaking the multi-year consolidation.

Pyth Network: Here’s All You Need To Know

Pyth Network is a comprehensive decentralized protocol that offers real-time financial data to DeFi applications, enhancing their functionality and reliability.

The platform was initially designed for Solana, but soon migrated to its own blockchain, Pythnet, following a surge in market interest. However, the Pythnet blockchain itself is based on the Solana technology.

PYTH, Pyth Network’s native cryptocurrency token, marked the beginning of its crypto venture following an airdrop that could be staked by users.

Subsequently, as trading for the token started, it amassed significant attention within the broader crypto markets, reaching an all-time high before crashing drastically. The radical price plunge witnessed by PYTH in the past appears to come forth as a result of users selling the free airdropped tokens, resulting in a price plunge from $0.65 to $0.277.

Since its inception, the PYTH price has consistently traded in an upward parallel channel, accruing gains for subsequent price movements. Despite a decrease in volume, bulls seem to maintain substantial control. As a result, there’s an expectation that the price will sustain a noticeable upward trend following consolidation within tight ranges.

Also read: Binance To Delist BTC And ETH Margin Trading Pairs Amid Legal Woes

PYTH Price Evaluation

As of writing, the Pyth Network price witnessed a phenomenal surge of 25.94% over the past twenty-four hours, reaching $0.4607. Although the token witnessed a substantial decrease of 30.54% over the past seven days, it soared whoppingly today.

Furthermore, the twenty-four-hour trading volume also experienced a significant upswing of 70.16%, reaching $243.79 million at the time of writing. The aforementioned data illustrates increasing bullish sentiments orbiting the token within cryptocurrency markets.

Also read: Crypto Hacks Surge in November, Sparking Concerns Over Digital Asset Security