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Pyth Network Price Prediction: Pyth Plunges 9% As This New Solana Meme Coin Skyrockets 116% In 7 Days – New Bonk?

Pyth Network

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The Pyth Network price has plunged 9% to trade for $0.5788 as of 3:10 a.m. EST time, with a 30% rise in trading volume.

This disparity points to investors exiting the PYTH market, likely associated with the buy the rumor sell the news situation.

As reported on February 14, the Pyth Network soared 14% after a community vote on-chain to approve the Pyth DAO Constitution.

As hype around this event dies down, investors and traders appear to be cashing in on gains. In addition, the slump comes on the back of the Pyth Network’s integration with Drip.

Elsewhere, just a month after its debut, the Pyth Network’s $PYTH staking program has recorded massive growth, with more than 1,088,756,431 PYTH tokens being locked for staking. This surge represents a remarkable 72.6% of the circulating supply pointing to growing interest in the network and its governance.

The current drop, therefore, is associated with early profit taking as token holders cash in on the gains made in the Pyth Network price.

Pyth Network Price Prognosis Amid Rising Profit Booking

The Pyth Network price is sitting above the 78.6% Fibonacci level of $0.5519, in a market range measured from $0.0571 to $0.6866. However, technical indicators suggest the altcoin still has more ground to lose as investors continue cashing in.

The Relative Strength Index (RSI) is southbound, pointing to falling momentum. This status is reinforced by the Awesome Oscillator (AO), which is showing red histogram bars that are steadily edging towards negative territory.

Increased seller momentum could see the Pyth Network price descend below the 78.6% Fibonacci level. An extended leg south could plunge the PYTH price into the supply zone that now acts as a bullish breaker between $0.4595 and $0.5003. A break and close below the midline (mean threshold) of the aforementioned order block at $0.4809 would confirm the continuation of the downtrend.

In a dire case, the Pyth Network price could break below the lower boundary of the bullish breaker, extending a leg south to tag the most critical Fibonacci level, 61.8%, at $0.4462. A break and close below this level would invalidate the big-picture bullish outlook.

TradingView: PYTH/USDT 1-day chart

Converse Case

However, considering the position of the RSI above 50 and the AO still in positive territory, the bulls still have a presence in the PYTH market. If the bulls increase their buying pressure, the Pyth Network price could extend north, overcoming immediate resistance due to the $0.6000 psychological level. Such a move would bring the peak of the market range at $0.6866 into focus.

In a highly bullish case, the Pyth Network price could shatter this roadblock to tag the $0.7000 psychological level. Such a move would constitute a 21% climb above current levels.

Meanwhile, while the Pyth Network price risks an extended break down, consider Smog, which features among analyst Jacob Bury’s top meme coins to buy now with the potential for 100X growth at launch.

According to other analysts, it is also one of the best cryptos to buy in 2024 for explosive growth.

Promising Alternative To Pyth Network

Smog token is about to unleash what it calls the ”greatest airdrop in history.”

Smog’s market entry came after Jupiter’s $700 million airdrop on Solana where many millionaires were minted. Smog is now promising an even larger and more enticing opportunity.

Smog has surged 116% in the past week, perhaps helped by the fact its dragon theme appealed to the Asian community as it ushered in the Chinese New Year of the Dragon.

YouTube crypto analyst Danjo Capital Master says that SMOG is a meme coin with the potential for a 100X return on investment.

Visit and buy the Smog token on the official website to be eligible for the upcoming historic airdrop.

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