Pyth Network Retains Bullish Momentum; Will It Reach $1 in 2023?

The post Pyth Network Retains Bullish Momentum; Will It Reach $1 in 2023? appeared first on Coinpedia Fintech News

Ever since some tokens were pioneered in the crypto space, offering a strong use case, a tough competitor has always emerged. In recent days, Chainlink, which is known as the ‘Oracle of Networks’, has been soaring high, breaking the multi-year consolidation. A strong competitor for this platform has now arrived, aiming to democratize access to high-quality financial data within the network.

Pyth Network, a revolutionary decentralized protocol, provides real-time, accurate financial data to DeFi applications and enhances their functionality and reliability.

Originally designed for Solana, Pyth Network soon migrated to its own blockchain, Pythnet, which is based on Solana technology. The native token, PYTH, kicked off through an airdrop, which could be staked by users. PYTH’s price began its trade, marking an ATH, but soon dropped heavily. As it happened previously with UNI and ARB, users quickly sold the free airdropped tokens, which caused the price to plunge heavily from $0.65 to as low as $0.277.

Now that the price has regained its strength, will it reach $1 in 2023?

Since its inception, the PYTH price has been trading within an ascending parallel channel and accumulating gains for the next price action. Although the volume has dropped, bulls appear to have held significant dominance. Therefore, the price is believed to maintain a notable ascending trend after consolidating within narrow ranges.

In the short term, the RSI has faced rejection after reaching the highs and appears to be heading towards lower support. As the bulls continue to remain active, the price may not face a steep drop to the lower band of the channel but may slightly drive down below the average levels. Following this, the PYTH price is believed to trigger a healthy rebound and reach the ATH, piercing through the resistance band of the channel.

Although the long-term projection remains bullish, the Pyth Network (PYTH) price may consume slightly more time than expected to achieve the $1 milestone.