Pyth Network / Wrapped SOL on Solana (9n3dSLrERZQp95dHXywft7xV8D8xnGFLaUHtEhQVaXaC) in USD DEX Trading Ideas — PYTHSOL_9N3DSL.USD — TradingView

Is PYTH Price Heading For A Recovery From a technical perspective, **PYTH's price** has moved above the 20-day and 50-day EMAs, indicating a short-term positive outlook. However, to fully transition to a bullish trend, it must overcome the 200-day EMA hurdle. Currently, the price is 19% below the 200-day EMA. If the bulls gain momentum, this could reverse the bearish trend. The daily chart shows growing bullish activity, but confidence will solidify only after a successful change of character (choCh) above the $0.4100 level. Breaking and sustaining above this level could confirm a positive trend shift, allowing **PYTH price** to aim for higher levels. However, strong bullish support at lower levels is still necessary. Resistance levels for a bullish move are at $0.4100 and $0.5000. If bullish momentum falters, the demand zone will act as support, and consolidation may continue.

Can PYTH Price Head For a recovery Amid Improved Sentiments Can PYTH Price Head For a recovery Amid Improved Sentiments The weighted sentiment curve has entered bullish territory indicating improved investors sentiments. A bullish crossover between the RSI and 14 day SMA line was observed over the daily timeframe. Despite the recent shift in the sentiment in the broader market, Pyth Network has underperformed against the other altcoins. The overall crypto market capitalization has surpassed $2 trillion, indicating a renewed investors confidence. However, the crypto has started gaining traction and getting ready to outperform its peers. At the time of writing, PYTH was exchanging hands close to $0.28, recording an intraday gain of 4.97%. Moreover, the recent sessions saw a significant shift in the sentiment and development metrics which could bring back momentum in PYTH price. Let's analyze and try to obtain a clear picture of where PYTH could lead in September. Weighted Sentiment Curve Enters Bullish Territory As per Santiment, an on-chain analytics provider, the positive sentiments have surged higher due to which the weighted sentiment has improved. The weighted sentiment curve made its way to the bullish territory surpassing the zero line indicating the renewed investors confidence. The weighted sentiment signifies the overall bias of investors about an asset on a combined basis. As per the analysis, the weighted sentiment has shifted to the bullish side suggesting a positive outlook for Pyth Network. The development activity and developers activity count shows the recent updates and changes occurring in PYTH crypto. Looking at the charts, it was observed that the development activity and the developer count have been rising since mid August and have reached a three month high value. A positive shift in the development metrics often indicates a similar development in the asset's price as well. Also, the daily transaction volume dropped by 5.7% to $24.3 Million a day. out of total 9.99 Billion PYTH tokens, nearly 34% i.e. 3.6 Billion tokens are currently in circulation. The volume to market cap ratio was 2.35% suggesting low volatility. Can PYTH Price Break Out Of A Correction Phase This Month? From a technical indicator's point of view PYTH price has surpassed the 20 day EMA suggesting a positive outlook in the short term. However, the price needs to surpass two major hurdles of 50 and 200 day EMAs in order to completely shift on the bullish side. As of now, the price lags 200 day EMA by 37% indicating the prevailing bearish trend. Moreover, the daily chart highlights the formation of a double bottom pattern which could trigger a buying in the short term. A breakout above the neckline of the double bottom pattern could validate a positive shift in the trend and price may look to conquer higher levels thereafter. However, it requires the strong presence of bulls at the lower levels. The $0.4 level is crucial for both the bulls and bears. A successful breakout above the level could shift the trend in the buyers favor. whereas, a rejection from the level could further invite sellers to lead the trend. At the time of writing, the RSI line was placed at 52.8 points and that of the 14 day SMA line was at 43.4 points. A bullish crossover between the RSI and 14 day SMA line was observed indicating a bullish continuation in the short term.

Pyth Network (PYTH)Pyth Network (PYTH) The Pyth Network is the largest and fastest-growing first-party Oracle network. It delivers real-time market data to financial dApps across 40+ blockchains. This is accompanied by 380+ low-latency price feeds for cryptocurrencies, equities, ETFs, FX pairs, and commodities. Pyth Network experienced a significant reversal in the recent session, making itself one of the biggest losers this week. It registered a decline of approximately 23.4%, ranking it the fourth biggest loser of the week. Currently, PYTH was headed downwards to retrace the lower support zones. The RSI line and the 14-day SMA line had withdrawn below the mean line, suggesting a weak trend.

wedge upper boundary has been breached At press time, the PYTH price has traded at $0.4883 with an intraday surge of +2.78%, with a market capitalization of $1.77 Billion. The PYTH 24-hour trading volume on all major tradeable platforms amounted to $220.73 Million. Analyst Captain Faibik expressed optimism on X, noting that PYTH Network (PYTH) has broken out from a falling wedge on the 1-day chart. Faibik further highlights that the train has already left the station, as a breakout seems to be in the process. He also stated that he looks at PYTH optimistically, and expects a 2x bullish rally in the coming days. The analysis from the tweet suggests that PYTH Network happens to be on a rally formation after breaching the wedge, and rose from its support level, staying above 20-day and approaching 50-day exponential moving averages (EMAs) to cut from below, signaling once it surpasses the dynamic hurdle of MA's, the bullish trend could turn out to be epic. Likewise, the MACD exhibits bullish potential, as it showed a bullish crossover in its vicinity with a growing histogram at 0.01190 and RSI indicates no overbought conditions yet, and the price relative strength increases as it has been above a median line at 56.51, a breakout potential looks crystal clear. Since the wedge upper boundary has been breached, and if the breakout gains its momentum, PYTH Network price could aim for higher levels, potentially reaching $0.700 and, if surpassed, could extend gains up to $1.00. Conversely, if the price fails to break, and trades back into the pattern, then a bullish pattern would lose its significance and make it an invalid point. Additionally, if the PYTH Network price cannot hold above the $0.3800 mark, it may face a further plunge towards the demand zone at lower levels.

Pyth Network / Wrapped SOL

PYTHSOL_9N3DSL.USD trade ideas