{"id":438474,"date":"2024-11-01T00:30:30","date_gmt":"2024-10-31T19:00:30","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=438474"},"modified":"2024-10-31T14:06:05","modified_gmt":"2024-10-31T08:36:05","slug":"pyth-network-flips-chainlink-with-36b-volume-a-signal-for-traders","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/pyth-network-flips-chainlink-with-36b-volume-a-signal-for-traders\/","title":{"rendered":"Pyth Network flips Chainlink with $36B volume: A signal for traders?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Pyth Network&#8217;s recent $36 billion transaction volume surge and price breakout signal a potential bullish trend ahead.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Rising open interest and social dominance reinforce market confidence, positioning Pyth for further price appreciation.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\/pyth-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pyth Network&#8217;s [PYTH]<\/span><\/a><span style=\"font-weight: 400;\"> recent achievement of $36 billion in transaction volume over the past 30 days positions it as a formidable player, overtaking <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/chainlink-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chainlink [LINK]<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This impressive growth highlights the increasing adoption of Pyth&#8217;s innovative pull-based Oracle model, especially within the decentralized finance (DeFi) sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, Pyth trades at $0.4038, reflecting a 5.63% increase in the last 24 hours. Therefore, such momentum suggests that Pyth may capture more market share and attract new investors.<\/span><\/p>\n<h2><b>Are we witnessing a breakout? Chart analysis of Pyth Network<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Current price action indicates that Pyth has broken out of a well-defined ascending channel. This breakout signals a shift in momentum and suggests that upward pressure might continue. Analysts identify $0.5010 as a crucial resistance level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If it breaks this barrier, it could trigger further bullish sentiment. Consequently, observing the price movement within this channel reinforces the potential for sustained upward movement in the near term.<\/span><\/p>\n<figure id=\"attachment_438476\" aria-describedby=\"caption-attachment-438476\" style=\"width: 1772px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35.png\"><img decoding=\"async\" class=\"wp-image-438476 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35.png\" alt=\"PYTH chart analysis\" width=\"1772\" height=\"1107\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35.png 1772w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35-300x187.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35-1024x640.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35-768x480.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35-1536x960.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-35-1200x750.png 1200w\" sizes=\"(max-width: 1772px) 100vw, 1772px\" \/><\/a><figcaption id=\"caption-attachment-438476\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><b>What do the indicators say? Analyzing RSI and MACD<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Turning to the technical indicators, the Relative Strength Index (RSI) sits at 63.89, indicating that Pyth approaches overbought territory, which could lead to a price correction. However, it retains sufficient momentum to push prices higher.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the MACD indicator shows bullish convergence, suggesting that recent price action aligns with continued upward momentum. Both indicators provide a balanced view, indicating that while caution is necessary, the overall trend remains bullish.<\/span><\/p>\n<figure id=\"attachment_438478\" aria-describedby=\"caption-attachment-438478\" style=\"width: 1772px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57.png\"><img decoding=\"async\" class=\"wp-image-438478 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57.png\" alt=\"PYTH technical indicators\" width=\"1772\" height=\"1106\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57.png 1772w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57-300x187.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57-1024x639.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57-768x479.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57-1536x959.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/PYTHUSDT_2024-10-31_09-55-57-1200x749.png 1200w\" sizes=\"(max-width: 1772px) 100vw, 1772px\" \/><\/a><figcaption id=\"caption-attachment-438478\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><b>Pyth\u2019s social dominance: How does it stack up?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The social dominance currently sits at 0.0994%. This metric reflects increasing community interest and engagement, which proves crucial for driving future price action. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Higher social dominance often correlates with increased trading volume, reinforcing Pyth&#8217;s position in the market.\u00a0 <\/span><span style=\"font-weight: 400;\">Therefore, as engagement continues to rise, it may attract more investors looking to capitalize on its recent momentum.<\/span><\/p>\n<figure id=\"attachment_438479\" aria-describedby=\"caption-attachment-438479\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024.png\"><img decoding=\"async\" class=\"wp-image-438479 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Pyth-Network-PYTH-09.57.07-31-Oct-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-438479\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>Market sentiment: Is the open interest growing?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The open interest surged by 30.77%, reaching $66.39 million. This increase in open interest indicates that traders remain bullish on the price action, likely positioning themselves for potential gains.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Consequently, rising open interest typically indicates that more traders are entering the market, enhancing price stability and growth.<\/span><\/p>\n<figure id=\"attachment_438481\" aria-describedby=\"caption-attachment-438481\" style=\"width: 2074px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827.png\"><img decoding=\"async\" class=\"wp-image-438481 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827.png\" alt=\"\" width=\"2074\" height=\"473\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827.png 2074w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-300x68.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-1024x234.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-768x175.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-1536x350.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-2048x467.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-31-095827-1200x274.png 1200w\" sizes=\"(max-width: 2074px) 100vw, 2074px\" \/><\/a><figcaption id=\"caption-attachment-438481\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">PYTH market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<h2><b>PYTH poised for a significant upward trajectory<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Pyth Network&#8217;s recent achievements and technical indicators suggest a strong bullish trend ahead. With significant increases in transaction volume, a breakout from its ascending channel, and rising social dominance, it is well-positioned for further price appreciation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, traders and investors should monitor Pyth closely as it aims to break key resistance levels, which could solidify its standing as a leading Oracle provider.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pyth Network&#8217;s momentum showcases its potential to challenge established Oracle providers significantly.<\/p>\n","protected":false},"author":103,"featured_media":438461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[6427],"class_list":["post-438474","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pyth Network flips Chainlink with $36B volume: A signal for traders? 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