PYTH Price Drops 11% as Profit-Taking Weighs on Pyth Network
Pyth Network’s PYTH price slid more than 11% in 24 hours, falling from a six-month high of $0.25 on August 29 to around $0.16 on September 1. The pullback comes as traders take profits following last week’s surge, which was driven by the U.S. Department of Commerce decision to put economic data onchain via Pyth Network and Chainlink. Daily trading volume for PYTH is down 25%, and market cap has dipped below $1 billion to approximately $935 million. This PYTH price decline mirrors a broader altcoin pullback, with Bitcoin (BTC) slipping below $108,000 and Ethereum (ETH) off by over 2%. Weekly gains have narrowed to about 41%, and analysts at Bitfinex warn that altcoins could test new lows in September before a potential Q4 recovery.
Bearish
The sharp 11% drop in PYTH price reflects a classic profit-taking event after a significant rally driven by major news—namely the U.S. government’s decision to onchain economic data via Pyth Network. Volume has fallen by 25%, indicating weakening buying interest. The pullback aligns with broader market weakness as Bitcoin dipped below key support near $108,000 and Ethereum lost over 2%. Historically, altcoins often test cyclical lows after rapid moves higher before staging a sustainable recovery. Bitfinex analysts anticipate additional downside pressure in September, suggesting a bearish outlook in the short term. Longer term, structural drivers could reassert in Q4, but traders should expect potential further declines before any meaningful rebound.