Pyth Network (PYTH) is turning heads in the crypto market, with its price doubling recently and pushing toward the $0.30 mark. The surge comes amid a flood of investor interest, driven by a game-changing U.S. government partnership and increasing whale accumulation.
U.S. Government Deal Sparks Momentum
The U.S. Department of Commerce has chosen Pyth Network to bring key economic indicators like GDP on-chain. This decision marks a significant shift in how public data might be delivered going forward—and it puts Pyth at the forefront. The move also lends institutional credibility to the project, fueling a wave of confidence across the crypto landscape.
Following the news, PYTH jumped to nearly $0.243 before slightly retreating to around $0.227. This price action broke through a descending trendline that had been intact since February. It also pushed beyond the 23.6% Fibonacci retracement level at $0.192, signaling renewed bullish strength.
Market Indicators Point to Continued Upside
Trading activity exploded, with volume spiking more than 8,600% in just one day. Open interest also hit a record high of $188 million, underscoring the rising mix of speculative and long-term bets on PYTH.
Currently, PYTH is trading above both its 50- and 200-day simple moving averages—an encouraging sign for trend followers. A green signal from the Supertrend indicator adds to the bullish outlook. If the price breaks through the next resistance level at $0.26, the next stop could be $0.31, aligning with the 50% Fibonacci retracement.
Key highlights:
- Whale wallets increased their PYTH holdings by over 14% in the past week.
- Supply on centralized exchanges dropped by 8%, indicating reduced selling pressure.
- These shifts suggest large investors are positioning for more upside.
Looking Ahead: Optimism with a Hint of Caution
Analysts remain positive, with expectations of further gains if resistance at $0.26 is breached. However, failure to maintain support around $0.19 could see the price dip toward $0.10.
Beyond price speculation, Pyth’s integration into public data infrastructure represents a broader trend. Its collaboration with the U.S. government could set the stage for more use cases where decentralized oracles enhance traditional systems.
