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Pyth Network (PYTH) Price Prediction – When will PYTH hit $2?

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

Pyth Network, a formidable contender in blockchain oracles, has positioned itself as a competitor to the industry titan Chainlink. This week's token airdrop by Pyth has garnered considerable attention due to its implications for the ongoing competition among companies vying to standardize the infrastructure of the crypto industry.

Large-cap companies like JPMorgan and Visa's adoption of "decentralized ledger" technology highlight the growing convergence between the cryptocurrency sector and traditional finance (TradFi). As demonstrated by Chainlink, Oracle services are crucial in promoting this convergence as they empower blockchains to retrieve information, including price inputs from cryptocurrency exchanges and real-world sources.

For decentralized and centralized finance, the crypto infrastructure must satisfy the requirements of traders acclimated to real-time market data from the conventional financial sector. Pyth Network enters this domain as an oracle service, comparable to Chainlink, but with a unique emphasis on delivering "real-time data" feeds specifically designed for financial applications.

Pyth Network: Growth Potentiality

Pyth, originally developed for the renownedly fast Solana blockchain, transformed to become its chain, Pythnet. The data refresh intervals of the project are an impressive 300-400 milliseconds, a significant enhancement compared to Chainlink's fluctuating refresh rates. As a result, Pyth could be a more agile solution for specific financial applications due to its emphasis on speed.

A crucial factor of differentiation is Pyth's procurement system. Chainlink obtains its data from decentralized consortia and node administrators, whereas Pyth obtains its information directly from first-party financial institutions. 

Pythnet compiles price data from various sources, employing cryptographic and game-theoretic techniques to verify the precision of the reported figures. Before data is transmitted to blockchains, an additional layer of verification is implemented via the "bridge" service, Wormhole.

After the recent airdrop, PYTH Token holders can stake this token to influence the development of Pyth's technology and contribute to data publication on its oracles. The airdrop, distributed to around 90,000 cryptocurrency wallets previously active with the protocol, is designed to increase community participation and awareness.

PYTH/USDT 2023-2024 Price Projection

PYTHUSDT 2023-2024 Price Projection

Since the launch, the token has shown a significant buyers’ interest, as shown in the chart. Instead of forming profit-taking by early investors' the price shot higher and formed a new all-time high at the 0.5581 level.

However, the price went sideways after peaking at an all-time high level, which could influence bears to join the market. The dynamic 20 EMA remained as support with an upward slope, which could be the first barrier to sellers. Moreover, the 14-period RSI shows a neutral sentiment by remaining neutral at the 55.00 area, which needs a solid move to form a trend.

Based on the PYTH/USDT forecast, the 2023 closing could be a crucial factor. If the price can hold above the 0.2000 psychological support, investors may find a bull run in 2024, followed by the overall crypto trend.

As of now, the crypto market cap remains at the 1.4 trillion mark, which is near the all-time high area. However, Bitcoin and other major cryptocurrencies are way below their all-time high levels, suggesting a divergence with the market cap.

Therefore, a crypto market cap could be a significant factor in looking for the PYTHUSDT forecast. An upward continuation in the broader crypto market could take the PYTH price towards the 1.00 mark in the coming months.

PYTH/USDT Intraday Price Forecast

PYTHUSDT Intraday Price Forecast

In the hourly chart, the price remained corrective with a minor downside pressure from the current all-time high level. Moreover, the selling pressure is potent below the dynamic 20 EMA level, while the weekly VWPA is still untouched at the 0.4000 area. 

The visible range high volume range suggests an ongoing buying pressure as the current reading is at the 0.3179 level. A strong gap is seen from the high volume level, which could work as a bearish signal for the token. Moreover, a potential MACD Divergence is visible, suggesting a short-term downside possibility.

Based on the intraday chart, a bearish pressure below the 0.4000 psychological level could lower the price towards the 0.2600 area. However, the token's fundamentals are solid, with a positive sentiment from the broader crypto market. In that case, a bullish recovery might come if the price shows a rebound from the 0.4000 to 0.3500 zone with a recovery above the 20 EMA.


The PYTH/USDT has a strong growth possibility in 2024 and 2025, where investors can join the rally from any reliable price. The long-term HOLDing approach might be effective for this token as it is comparatively new, and sufficient profit-taking is pending after the recent listing.

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