Rally

Chainlink

Pyth Network

Chainlink (LINK) has been dominating the oracle domain, however, Pyth Network (PYTH) has emerged as a tough competitor lately. After listing on Binance, the <a href="https://coingape.com/web-stories/pyth-network-pyth-soars-24-01-on-february-2-2024/" target="_blank" rel="noopener noreferrer nofollow">PYTH price</a> reached new heights, giving competition to LINK. Moreover, crypto enthusiasts and analysts are even wondering if PYTH could be the next Chainlink.
<h2 id="is-pyth-the-next-chainlink">Is PYTH The Next Chainlink?</h2>
In a recent analysis by crypto analyst Wise Advice, attention is drawn to PYTH as it secured a listing on Binance, propelling its price beyond the $0.50 level. There’s growing speculation that PYTH could be a formidable contender to Chainlink, prompting a closer examination of its potential in the crypto market.
PYTH positions itself as a decentralized oracle network, offering high-fidelity, sub-second, and cross-chain data feeds tailored for smart contracts. The Pyth Network boasts a comprehensive ecosystem with support for over 45 blockchains, 250 apps, daily updates surpassing 80 million, and a network of 400 data feeds.
When compared to <a href="https://coingape.com/markets/whats-next-chainlink-link-price-after-30-surge/" target="_blank" rel="noopener noreferrer nofollow">Chainlink</a>, PYTH stands out in several aspects. Unlike Chainlink, Pyth Network relies on 1st-party data from major institutions like CBOE and Binance, potentially providing more accurate information. Moreover, Pyth Network updates its data every sub-second, offering real-time insights, while Chainlink lags behind with updates occurring every few seconds.
Notably, PYTH emphasizes universal access, ensuring consistent performance across different chains, a feature currently absent in Chainlink. However, Wise Advice highlighted certain challenges that PYTH must confront. While it shows promise, PYTH lacks the established status enjoyed by Chainlink. Additionally, only 15% of the total PYTH supply is currently in circulation, which can be a drawback since short traders could leverage this aspect.
Furthermore, from an investment standpoint, Wise Advice noted that Chainlink has long been the dominant force in the oracle space. Yet, PYTH positions itself as a notable competitor but entails high risk. Hence, investors should assess their risk appetite before making investment decisions.
Also Read: <a href="https://coingape.com/binance-to-list-pyth-network-pyth-price-soars-20/" target="_blank" rel="noopener noreferrer nofollow">Binance To List Pyth Network, PYTH Price Soars 20%</a>
<h2 id="will-pyth-price-hit-1">Will PYTH Price Hit $1?</h2>
Wise Advice’s analysis suggests that the PYTH price is likely to propel up. Moreover, the limited circulating supply could fuel such a price action, which could be detrimental as well if short-sellers dominate the market. Whilst, a renowned crypto analyst, Crypto Ninja, believes that PYTH could hit $1.
In a post on X, the analyst noted that buyers are retesting the $0.50 mark on the rising volume. He added that this indicates a potential surge to $1 for the PYTH price if it holds resistance at $0.5. Meanwhile, he advises traders to initiate a stop loss at $0.4 to minimize losses in case a bearish trend ensues.
However, the PYTH price faced a rejection from the $0.50 level on Saturday. At press time, PYTH was trading 3.49% lower, settling at $0.4918, boasting a market cap of $738.80 million. On the other hand, the trading volume for PYTH soared 22.82% to $302.29 million.
<figure id="attachment_178379" aria-describedby="caption-attachment-178379" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap.jpeg" rel="noopener noreferrer nofollow"><img decoding="async" class="size-large wp-image-178379" src="https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-1224x367.jpeg" alt="Pyth price" width="1224" height="367" srcset="https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-1224x367.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-300x90.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-768x230.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-1536x461.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-2048x614.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/PYTH_7D_graph_coinmarketcap-150x45.jpeg 150w" sizes="(max-width: 1224px) 100vw, 1224px"></a>
 <figcaption id="caption-attachment-178379" class="wp-caption-text">Pyth Network 7-Day Chart, Source: CoinMarketCap
 </figcaption>
</figure>
Earlier, it recorded a peak of $0.5479 amidst the news of the Binance listing. Moreover, due to the massive gains registered this week, the 1-week returns offered by PYTH account for over 20% despite today’s bearish turn. However, it’s still trading around 25% lower than the all-time high of $0.6544 attained in November 2023.
It’s also important to note that PYTH is still close to the $0.50 mark. Hence, if the crypto manages to surge past that level and sustains it, there are high chances of it touching $1 as predicted by Crypto Ninja. The recent bearish downturn could have been triggered by massive liquidations and derivatives traders pulling out of PYTH. This could be a result of the massive surge in price yesterday, which could have influenced traders to realize their profits.
According to data from <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/PYTH" target="_blank">Coinglass</a>, nearly $2 million worth of PYTH has been liquidated in the past 24 hours. Out of this, $1.14 million long positions were liquidated. In addition, the PYTH open interest slumped 11.24% to $90.79 million. Moreover, Binance accounted for most of these liquidations, reaching $1.3 million.
Also Read: <a href="https://coingape.com/19m-chainlink-tokens-unlocked-and-move-to-binance-link-price-volatility-soon/" target="_blank" rel="noopener noreferrer nofollow">19M Chainlink Tokens Unlocked And Move to Binance, LINK Price Volatility Soon?</a>
The post <a href="https://coingape.com/is-pyth-the-next-chainlink-heres-why-pyth-price-can-rally-to-1/" rel="noopener noreferrer nofollow">Is PYTH The Next Chainlink? Here’s Why PYTH Price Can Rally To $1</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is PYTH The Next Chainlink? Here’s Why PYTH Price Can Rally To $1

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