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Pyth Network’s token surged to a record high as the Total Value Secured (TVS) in the ecosystem continued rising. The token jumped to a high of $0.5175, its highest point since December 8th. It has soared by more than 133% from its lowest point in December.
Total Value Secured jumps
Pyth Network is a fast-growing oracle network that competes with the likes of WINKLink, Chainlink, and Bnad Protocol. Its goal is to connect outside or off-chain data to the on-chain ecosystem. The most popular data is price feeds, which are used in the Decentralized Finance (DeFi) industry.
The most recent data shows that Pyth Network is gaining market share in the industry. Data by DeFi Llama shows that the TVS has surged to more than $2.4 billion, its highest point since May 12th last year. It bottomed at less than $300 million last year.
The top players in the Pyth Network’s ecosystem is Marginfi Lending, LayerBank, Synthetix, and Kamino Lend. Other top networks using Pyth Network aree Solend, NAVI, and Scallop Lend.
Pyth Network’s token surge also coincided with the bullish breakout of Chainlink, whose token soared to $18, its highest point since 2022. LINK is one of the best-performing big cryptocurrencies in the market.
PYTH also jumped after Dogelon Mars (ELON), one of the oldest meme coins, announced its expansion to Solana. As part of this expansion, the developers selected 500 PYTH stakers who will receive 300 million ELON tokens.
Announcing Dogelon Mars: Expansion to Solana Phase 3 Airdrop 🪂
— Dogelon Mars (@DogelonMars) February 1, 2024
500 $PYTH stakers were randomly selected to recieve 300 MILLION ELON tokens on Solana 💫
Phase 3 continues tomorrow, get ready to earn more rewards with an even bigger airdrop ✨ pic.twitter.com/8TMoZ49CqB
PYTH price forecast
The 4H chart shows that the PYTH token price has been in a strong upward trend in the past few weeks. It has now moved above the key resistance point at $0.4393, its highest point on January 24th. Also, the coin is being supported by the 50-period and 25-period moving averages.
The Stochastic Oscillator and Relative Strength Index (RSI) have moved above the overbought level. Therefore, the outlook for the token is still bullish, with the next point to watch being at $0.5500. In the near term, however, the Pyth Network will likely retest the support at $0.4393 before continuing with this trend.
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