Pyth Network Secures On-Chain US GDP Data, PYTH Surges 91%
Pyth Network’s PYTH token rallied after the US BEA confirmed plans to publish on-chain GDP and other macro data via blockchain oracles on nine networks. Pyth Network and Chainlink were chosen as official data feeds. Following the announcement, PYTH jumped 91% to $0.22, posted a 95% gain over seven days, and saw $2.1 billion in 24h volume, outperforming Chainlink. Technicals show a bullish MACD divergence, golden cross in short-term moving averages, and rising RSI, while cumulative volume delta flipped positive in futures. However, smart money sold $166,000 in PYTH, hinting at profit-taking. Traders should watch support at $0.15 and $0.13 and resistance at $0.21 and $0.24 amid expected volatility as on-chain data adoption accelerates.
Bullish
The selection of Pyth Network by the US Department of Commerce for distributing official macroeconomic data on-chain has fueled strong demand for PYTH tokens. The 91% price surge, high volume, and bullish technical signals (MACD divergence, moving average golden cross, positive volume delta) indicate robust short-term momentum. Profit-taking by smart money suggests near-term volatility, but the strategic partnership underpins long-term growth as on-chain data adoption accelerates. Overall, the news is bullish for PYTH token performance.