In short
PYTH surged 100% in 24 hours but is still far below its all-time high, leaving room for further increases.
PYTH buyers, including giant whales, have accumulated over $22 million, maintaining the upward momentum.
The daily chart suggests volatility, but the upcoming EMA crossover points to a bullish pattern, with bulls maintaining control on the 4-hour chart.
Driven by the U.S. Department of Commerce releasing GDP data on blockchains such as Bitcoin, Ethereum, and Solana, and the data being validated on-chain by Pyth Network, the PYTH price has risen over 100% in the past 24 hours.
However, this increase has not yet put PYTH into the price discovery phase. The current PYTH price is $0.223, still far below its historical high of $1.20, leaving room for upward movement. Even though there has been a decline of about 16% over the year, on-chain and technical signals still indicate that PYTH has further upside potential, despite concerns about volatility.
Buyers are entering, and a group is starting to trim positions.
On-chain activity shows a divergence. Regular whales have reduced their holdings by about 2.86% in the past 24 hours, but other buyer groups have filled this gap.
As tokens leave centralized exchanges, exchange reserves have decreased by 77.2 million PYTH, equivalent to $17.2 million at a price of $0.223. This indicates that tokens outside of exchanges are being accumulated, reducing selling pressure.
Meanwhile, the top 100 addresses (also known as 'whales' or 'super whales') added 24.1 million PYTH, valued at approximately $5.37 million. In total, buyers absorbed tokens worth over $22 million. While regular whales took profits, overall demand remains strong.
This tug-of-war explains the complexity of market sentiment. Some traders sold stocks after U.S. government data was released, believing it was just short-term speculation, while others view it as a signal for long-term adoption. So far, the latter seems to have the upper hand.
The speaker pattern suggests volatility, but the EMA signal is bullish.
The daily price chart of PYTH displays a trumpet-like shape, with a large distance between highs and lows. This reflects higher volatility and suggests significant fluctuations may occur before a breakout.
In this pattern, the moving average itself tells the whole story. The previous crossover triggered the last rebound, and now, the 50-day EMA or exponential moving average (orange line) is about to break above the 100-day EMA (light blue line).
The Exponential Moving Average (EMA) is a line on the chart that smooths price fluctuations by giving more weight to recent data. Traders use it to predict the overall market trend. When the short-term EMA (e.g., 50 days) is above the long-term EMA (e.g., 100 days), it indicates that buyers' strength is surpassing sellers'.
The potential 'golden cross' within the speaker adds a bullish trigger signal. If confirmed, it could help PYTH break through this formation, although volatility is expected.
A breakout above the upward trend line could push the PYTH price higher.
Bulls continue to dominate, with key PYTH price levels worth watching.
The 4-hour chart is better suited for observing recent price trends. Within this timeframe, the Bull-Bear Power (BBP) indicator remains positive, indicating that buying pressure exceeds selling pressure. This suggests that even if the PYTH price experiences intraday pullbacks, the bulls still control market momentum.
The Bull-Bear Power (BBP) indicator measures the strength of buyers versus sellers by comparing price to moving averages.
