Pyth Network Surges 70% to $1 Billion Market Cap Following Economic Data Announcement
Pyth Network's price surged nearly 70% on August 28, reaching over $0.19 and a market capitalization of $1 billion. This increase followed the U.S. Department of Commerce's announcement to publish official economic data through Pyth Network and Chainlink.
Key points include:
- Pyth's price opened near $0.11 and hit a monthly low of $0.10 on August 26.
- Intraday trading volume increased by 330%, reaching $884 million.
- Mike Cahill, CEO of Douro Labs, emphasized Pyth's role in integrating government data onto blockchains.
- The Relative Strength Index (RSI) was at 70.91, indicating potential overbought conditions.
- If prices remain above $0.18, further resistance levels might be tested at $0.21 and $0.24.
- Immediate support is noted at $0.15 and stronger at $0.13.
In related news, early-stage project SUBBD has raised over $1 million in its presale, attracting speculative capital from Pyth traders. The platform offers AI-enhanced engagement for content creators.
