Is PYTH the Next Chainlink? Here’s Why PYTH Price Might Rise to $1
chainlink (LINK) dominates the oracle space, but pyth network (PYTH) has emerged as a formidable competitor recently. After listing on Binance, PYTH price reached new highs, giving LINK competition. Moreover, crypto enthusiasts and analysts are even wondering whether PYTH will be the next Chainlink.
Is PYTH the Next Chainlink?
A recent analysis by crypto analyst Wise Advice highlighted PYTH, which secured a listing on binance and pushed its price above the $0.50 level. Increasing speculation that PYTH could be a formidable competitor to Chainlink is leading to closer scrutiny of its potential in the crypto market.
PYTH positions itself as a decentralized oracle network that offers high-quality, sub-second, cross-chain data feeds designed specifically for smart contracts. The Pyth Network has a comprehensive ecosystem that supports more than 45 blockchains, 250 applications, over 80 million daily updates, and a network of 400 data feeds.
Compared to Chainlink, PYTH stands out in many ways. Unlike Chainlink, Pyth Network provides potentially more accurate information based on 1st party data from major institutions like CBOE and Binance. Additionally, while Pyth Network provides real-time information by updating its data every second, Chainlink lags behind with updates occurring every few seconds.
In particular, PYTH emphasizes universal access by providing consistent performance across different chains, a feature currently lacking in Chainlink. However, Wise Advice highlighted some of the challenges PYTH must face. While PYTH looks promising, it lacks the established status that Chainlink has. Additionally, only 15% of the total PYTH supply is currently in circulation, which may be a disadvantage as short-term investors can take advantage of this situation.
Additionally, from an investment perspective, Wise Advice noted that Chainlink has long been the dominant force in the oracle space. However, PYTH positions itself as a significant competitor but carries high risk. Therefore, investors need to evaluate their risk appetite before making an investment decision.
Also Read: Binance Lists Pyth Network, PYTH Price Increases 20%
Will PYTH Price Increase to 1 Dollar?
Wise Advice’s analysis suggests that the PYTH price will likely rise. Additionally, limited circulating supply could trigger such a price movement, which could be detrimental if short sellers dominate the market. Famous crypto analyst Crypto Ninja believes that PYTH can reach $1.
In a post on X, the analyst noted that buyers are retesting the $0.50 barrier on increasing volume. He added that this indicates a potential rise in PYTH price to $1 if it holds resistance at $0.5. Meanwhile, he advises traders to initiate stop losses at $0.4 to minimize losses in case a bearish reversal emerges.
However, PYTH price was rejected at $0.50 on Saturday. At press time, PYTH was trading 3.49% lower, settling at $0.4918 and boasting a market cap of $738.80 million. On the other hand, PYTH’s transaction volume increased by 22.82% to 302.29 million dollars.
Pyth Network 7-Day Chart, Source: CoinMarketCap
It had previously recorded a peak of $0.5479 amid Binance listing news. Additionally, due to the large gains recorded this week, the 1-week return offered by PYTH stands at over 20% despite today’s bearish trend. However, it is still trading 25% lower than its all-time high of $0.6544 reached in November 2023.
It is also important to note that PYTH is still near the $0.50 level. Therefore, if the crypto manages to break through this level and maintains it, there is a high probability that it will touch $1 as Crypto Ninja predicted. The recent downward trend may have been triggered by large liquidations and withdrawals of derivative traders from PYTH. This may be a result of the huge price increase experienced yesterday, which may have influenced traders to take profits.
According to Coinglass’ data, approximately $2 million worth of PYTH was liquidated in the last 24 hours. Apart from this, a long position of $1.14 million was liquidated. Additionally, PYTH open positions decreased by 11.24% to $90.79 million. Additionally, Binance carried out most of these liquidations, reaching $1.3 million.
Also Read: 19 Million Chainlink Tokens Unlocked and Moved to Binance, Is LINK Price ripple Soon?
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