Pyth Network [PYTH] has staged a strong recovery from the recent correction phase by posting double-digit gains while much of the broader crypto market remained under pressure.
The token price has rallied by more than 11% in the last 24 hours to $0.0808 as of writing. What is more intriguing is that the move is coinciding with a decisive bounce from its 20-day exponential moving average (EMA).
The recovery has renewed bullish sentiment and placed the next resistance around $0.089 firmly on traders’ radar.
Source: TradingView
Trading volume points to growing buyer conviction
The token’s skyrocketing trading activity stands out as the main factor behind the current bullish advances. According to the recent derivative data, PYTH‘s trading volume has surged by a fourfold to $98.07 million, indicating fresh capital is entering the market.
The projected increased volatility from the spiking trading activity could prolong the current PYTH’s bullish run in the short run.
Going hand in hand with the improving trading volume, the network’s holders’ sentiments are also strengthening. The increased presence of whale orders at the current trading price, adding more weight to the token’s bullish bias.
Altcoin rotation adds to the bullish backdrop
At the same time, the rally is also unfolding in the midst of the improving sentiment across the larger altcoin sector. At the time of writing, the Altcoin Season Index has climbed 5.45% to 58, suggesting investors are rotating capital away from larger cryptocurrencies into alternative digital assets.
PYTH appears to be reaping from this broader shift, with renewed demand helping to reinforce its technical breakout from EMA support. As long as capital continues flowing into altcoins, the token could remain well-positioned to attract additional buying interest.
Can PYTH reclaim $0.089?
The next key objective for Pyth network bulls is the $0.089 resistance level. A sustained hold above the 20-day EMA, combined with continued strength in trading volume, would improve the odds of extending the current rally.
However, buyers will need to maintain momentum and absorb profit-taking pressure following the sharp one-day advance.
All in all, PYTH’s rebound is supported by a strong increase in trading activity, improving market sentiment and favorable technical structure. If these conditions remain intact, the chances for a continuation rally to retest the $0.089 level in the near term are approaching certainty.
Final Summary
- PYTH has gained more than 11% over the past 24 hours to $0.0808, outperforming a weaker broader crypto market.
- The network’s trading volume has also exploded to $95.3 million, and a rebound from the 20-day EMA suggests buyers are regaining control as capital rotates into altcoins.
