Decentralized oracle network Pyth Network [PYTH] saw a 45% surge in the PYTH crypto token’s daily trading volume as it registered a 7.3% rally in the past 24 hours. The altcoin has been trending higher since August, helped by a market-wide resurgence alongside a Bitcoin [BTC] recovery.
Pyth Network dominates the RWA perpetual futures market tracking, pricing 90.29% of the September volume, down from 96.27% in August. The September perp report revealed market trends that revolved around holding more and trading less.
Earlier in October, the network introduced the 100% rule. On the 8th of October, the network posted an update on X that read,
Pyth DAO has committed 100% of the funds it receives from the Pyth products to accumulating PYTH in its reserve
It is this mechanism that continued to propel bullish momentum, but Pyth crypto was challenging a major long-term supply zone at the time of writing.
Is PYTH crypto about to form a bullish crossover?
On the 1-week chart, the heavy trading volume in mid-August boosted the CMF and A/D indicators. Due to the way these two indicators use the session close and candlesticks for calculation, the volume indicators fell back toward neutral territory.
The weekly timeframe swing structure was still bearish, and the PYTH crypto prices have only recently surpassed the 23.6% Fibonacci retracement levels at $0.081.
Immediately overhead, the former demand zone at $0.10 from June 2025 on the weekly chart was now a stern supply zone. Though the 20- and 50-week Moving Averages were about to form a bullish crossover, steady demand and a wider market recovery might be needed to propel PYTH prices higher.
Should PYTH traders look for a pullback?
On the 4-hour chart, the $0.082-$0.86 Fibonacci golden pocket was a place where the correction could end, and the uptrend on this timeframe can continue. The volume indicators were not much more bullish than they appeared on the weekly timeframe.
The Moving Averages and the H4 price structure captured a bullish bias and supported the buy idea for swing traders.
Final Summary
- PYTH crypto has rallied 7% in 24 hours, with a 13% increase in OI and a 45% surge in daily trading volume.
- The weekly chart showed the altcoin has run into a long-term supply zone, but the short-term momentum remained bullish.
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