The price of PYTH, the native token of the Pyth Network, surged more than 100% in a 24-hour period following a major announcement from the US Department of Commerce. On August 28, the agency revealed it would begin distributing official economic data, including GDP figures, on multiple blockchain networks. Pyth Network was chosen to verify and distribute this data on-chain, alongside Chainlink, marking a significant step in government adoption of blockchain technology.
The data is now live on Bitcoin, Ethereum, Solana, Avalanche, Polygon, and other blockchains, with major exchanges like Coinbase, Kraken, and Gemini participating in the publishing process. US Secretary of Commerce Howard Lutnick stated, "We are making America’s economic truth immutable and globally accessible like never before."
On-chain activity showed a mixed but ultimately bullish picture. While regular whales reduced their PYTH holdings by 2.86%, exchange reserves fell by 77.2 million PYTH (worth $17.2 million), indicating accumulation off exchanges. Simultaneously, the top 100 addresses bought 24.1 million PYTH (worth $5.37 million), resulting in over $22 million in net buying pressure.
Technical analysis revealed a megaphone pattern on the daily chart, suggesting high volatility, but key indicators turned bullish. The 50-day EMA is nearing a crossover above the 100-day EMA, a potential "golden crossover" signal. The MACD also showed bullish divergence, with the histogram flipping positive. Analyst Javon Marks suggested the rally could extend another 173% toward $0.50.
Despite the optimism, derivatives data from CryptoQuant showed smart money selling $166,000 worth of PYTH in 24 hours, indicating profit-taking after the sharp rally. Key support levels are at $0.1935 and $0.1730, while a break above $0.2622 could target $0.40—an 80% gain from current levels.