Pyth Network is the newest oracle in town. Due to the popularity of Chainlink (LINK), many analysts are bullish on PYTH price. They expect the project to play the same role in the development of the Solana ecosystem as Chainlink has done on Ethereum and other blockchains.
However, it is still not clear if the project will be able to gain any significant adoption in the coming months. It has often been seen that projects with similar narratives gain a lot of hype but fail to gain traction in the long term.
Another factor behind the ongoing hype of Pyth Network is the massive Pyth airdrop which handed over coins worth thousands of dollars to the loyal community members. This brought the project into the mainstream as many users shared screenshots of their hefty airdrops on X.
The following PYTH/USD chart gives a mixed Pyth Network price prediction. Considering the hype, there can easily be another bullish leg. However, a lot depends on the Bitcoin price which is struggling to gain strength above $38,000.
Nevertheless, as long as PYTH crypto remains above $0.37, there will always be a chance of a strong rebound.
This post was last modified on Nov 27, 2023, 19:19 GMT 19:19