• Pyth Network’s recent $36 billion transaction volume surge and price breakout signal a potential bullish trend ahead.
• Rising open interest and social dominance reinforce market confidence, positioning Pyth for further price appreciation.

Pyth Network’s [PYTH] recent achievement of $36 billion in transaction volume over the past 30 days positions it as a formidable player, overtaking Chainlink [LINK].

This impressive growth highlights the increasing adoption of Pyth’s innovative pull-based Oracle model, especially within the decentralized finance (DeFi) sector. 

At press time, Pyth trades at $0.4038, reflecting a 5.63% increase in the last 24 hours. Therefore, such momentum suggests that Pyth may capture more market share and attract new investors.

Are we witnessing a breakout? Chart analysis of Pyth Network

Current price action indicates that Pyth has broken out of a well-defined ascending channel. This breakout signals a shift in momentum and suggests that upward pressure might continue. Analysts identify $0.5010 as a crucial resistance level. 

If it breaks this barrier, it could trigger further bullish sentiment. Consequently, observing the price movement within this channel reinforces the potential for sustained upward movement in the near term.

What do the indicators say? Analyzing RSI and MACD

Turning to the technical indicators, the Relative Strength Index (RSI) sits at 63.89, indicating that Pyth approaches overbought territory, which could lead to a price correction. However, it retains sufficient momentum to push prices higher. 

Additionally, the MACD indicator shows bullish convergence, suggesting that recent price action aligns with continued upward momentum. Both indicators provide a balanced view, indicating that while caution is necessary, the overall trend re

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Author: Erastus Chami