Pyth Network Price Prediction 2024-2030: Will PYTH Reach $10?

Latest Pyth Network Price

Total holders: 132,225, top 100 holders: 94.4%

Pyth Network Price Performance

Pyth seems to have finally stopped the downward trend that started after listing. What are the signals?

Trading volume is up 46% Trader sentiment is up Technical techniques are partly bullish Social media buzz is down 94%

Overall, Pyth Network Price appears to be Bullish. It faces resistance at $0.34 and should it clear it, the next target is $0.40. However, at the moment Pyth is unlikely to breach $0.34. If the selling pressure increases, it could lose most of its gains from the past 24 hours.

Net Social Media Sentiment (#Pyth)

Yesterday: +78.3% Today: +14.0% Change [Adjusting for Buzz]: -94%

Pyth Network – Net Buy Rating [New]

24 Nov: +44.1% 30 Dec: +46.0% 14 Jan: +49.0%

Pyth Network Price Predictions

Pyth Network Price Forecast 2024-2030, Aggregated

Pyth Network Price Prediction 2024 is $0.614Pyth Network Price Prediction 2025 is $0.955Pyth Network Price Prediction 2026 is $1.36Pyth Network Price Prediction 2027 is $1.65Pyth Network Price Prediction 2028 is $2.29Pyth Network Price Prediction is $2.29Pyth Network Price Prediction 2030 is $4.68

Pyth Network Price Prediction: Will PYTH Reach $10?

Yes, Pyth Network price can reach $10 if 25-50% of the tokens are destroyed

For Pyth Network to reach $10, it would have to increase by a factor of 30. At $10, PYTH’s market cap will be $15.1 billion. If Pyth Network were to grow at a rate of 25% each year, it would take about 16 years to reach $10. Let’s evaluate this data

Quality of Investment – ​​Moderate Growth Needed to Reach $10 – Moderate Feasibility Market Cap at $10 – Feasible

Considering the criteria Quality of investment, growth needed and time needed, PYTH has a moderate chance to reach $10

Pyth Network Price Forecast Today: Bullish or Bearish Sentiment?

Pyth Network Price Prediction: Is Pyth Network a Good Investment?

The Pyth Network is a leading source of financial data, providing over 300 real-time price feeds for various asset classes such as digital assets, stocks, ETFs, FX and commodities. This involves major exchanges, market makers and financial service providers contributing their price data for aggregation and distribution in the chain to smart contract applications.

With its innovative pull-oracle design, the Pyth network allows applications to easily fetch the latest price when needed.

It functions as a protocol where data providers submit proprietary price information, ensuring accuracy across multiple providers for each price feed. Pyth’s oracle program combines this data to produce a single total price and confidence interval value. Decentralized applications (dApps) then access this pricing data on their own blockchain for various use cases.

PythNet- A network built on Solana

Pythnet is a blockchain network application based on Solana’s code, designed to enhance the Pyth network’s ability to collect and share first-party data at incredibly fast speeds. Pythnet uses the Wormhole cross-chain messaging protocol to transmit price information to other blockchains.

The decision to build on Solana was driven by its proven ability to handle thousands of transactions per second with rapid finality. Solana’s 400ms slot time further enables Pyth’s price feeds to update faster compared to most other Layer 1 Blockchains.

It is important to note that Pyth’s oracle program runs simultaneously on both Solana mainnet and Pythnet. While Pythnet is built on Solana’s technology, it operates as a separate blockchain

Components of Pyth Network

Pyth is a system that allows market players to share price details on a blockchain with others. It comprises three main groups:

Data Providers: These are individuals or entities that share pricing information with Pyth’s Oracle program. Pyth has multiple providers for each price feed to make the system more accurate and robust. Pyth’s on-chain Oracle program: This program, found on Pythnet, combines the data submitted by suppliers to create a single overall price and confidence interval. Applications: These are software programs that read the price details generated by the Oracle program. Specifically, Pyth allows users to “pull” prices onto the blockchain as needed, making these prices accessible to everyone on that particular blockchain.

Pyth’s real-time market data is available for over 40 blockchains, and it is backed by 90+ major market participants, including Jane Street, CBOE, Binance, OKX and Bybit.

Case Study 1: During a major market event on November 18, where the price of $YFI (YFI/USD) fell by nearly 40%, resulting in over $4 million in liquidations, the Pyth Network’s data feeds had a crucial role played. During this period of high volatility, Pyth’s YFI/USD feed continuously provided reliable and frequent price updates. This was especially evident as the confidence intervals of the data widened due to increased price measurement errors, demonstrating the network’s ability to help protocols manage market risk and guide user actions during turbulent market conditions.

Case Study 2: Pyth Network powers DeCalls’ Degen Mode, a prediction market protocol focused on the future price of $SOL. Launched on August 1st, Degen Mode quickly gained popularity with over 75,000 games played, generating a total volume of $9,000 SOL. This game allows players to predict whether the price of an asset will rise or fall within a set time frame. The key to its functionality is the accurate determination of the starting and ending prices of the asset, for which Degen Mode relies on Pyth’s real-time market data.

Some criticism of Pyth: Twitter user @croque__m, discussing the Pyth project, acknowledges its merits but raises concerns about its token distribution, with only 15% initially released, potentially leading to significant selling pressure over the next 3, 5 years. Comparing Pyth to projects of similar market cap and considering LINK’s (Chainlink) valuation, they suggest that Pyth’s market cap could reach half of LINK’s at its peak, considering the gradual release of the remaining 85% of Pyth -tokens over set intervals. Despite the uncertainty in forecasts, the user remains bullish on Pyth and plans to hold their air exit tokens while considering additional investment.

According to The Pyth Network, Pyth has increased its blockchain coverage by five times in the past year and covers 40 different blocks. This expansion includes offering over 350 permissionless price feeds across the additional blockchains. More than 230 applications (287% increase in 12 months), including decentralized exchanges (DEXs), lending platforms and derivative platforms, rely on Pyth’s data. Pyth has grown its data providers by 27% in the past year, offering more first-party data directly from the source. It provides price feed every 400 milliseconds, enabling high throughput in decentralized finance (DeFi) applications. Pyth Price Feeds (Source: Pyth). which has doubled in the last 12 months, and is up 10% in the last 3 months.

The Pyth Network’s PYTH Token distribution is an integral part of its evolution towards a decentralized, self-sustaining and permissionless ecosystem. This governance approach allows token holders to steer the development of the protocol, influencing key operational aspects such as fee structures, reward distribution for data providers, software updates and the addition of new data feeds.

The PYTH token, with a maximum supply of 10 billion and an initial circulating supply of 1.5 billion (15%), has a structured distribution plan. Key categories include Publisher Rewards (22%), reserved for data providers to encourage accurate and timely data publication; Ecosystem growth (52%), awarded to various contributors such as developers and researchers for advancing the Pyth protocol; Protocol development (10%), assigned to core contributors working on oracle tools and infrastructure; Community and launch (6%), fully unlocked for early stage activities; and Private Sales (10%), representing funds raised from strategic contributors.

Overall, Pyth Network appears to be a moderate case for investment.

Also read: Aave Price Prediction

Where can I buy PYTH tokens?

OKX Bybit KuCoin Gate.io MEXC SuperX BingX HTX

~Charu Taneja

Note: Crowdwisdom360 collects predictions and data from all over the net and has no inside view on the likely trends in the stocks or cryptocurrencies. Please consult a registered investment advisor to guide you in your financial decisions.

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