The price of Pyth Network's PYTH token surged nearly 17.5% to an intraday high of $0.067 on Tuesday, January 27, following its official listing on the popular U.S.-based crypto trading platform, Robinhood. The listing, which includes availability for users in New York, significantly expands retail access to the oracle network token.
Market analysts highlight that a listing on a major exchange like Robinhood provides increased exposure to millions of retail investors and bolsters the project's credibility through a rigorous vetting process. This validation, combined with enhanced liquidity, is seen as a potential catalyst for the altcoin's long-term growth by lowering the barrier to entry for the general public.
On-chain data from Nansen reveals that whale investors took immediate notice, increasing their PYTH holdings by 6.6% within hours of the listing news. These large holders now possess 42.68 million PYTH tokens, a move often interpreted as a bullish signal that can attract further retail interest.
Demand from derivative traders also spiked, with Coinglass data showing PYTH futures open interest increasing by 18% over 24 hours. The weighted funding rate turned negative, a scenario that could potentially trigger a short squeeze if bullish momentum continues.
From a technical analysis perspective, the PYTH price is forming a double bottom pattern on the daily chart after successfully defending the $0.05 support level. Key indicators like the MACD show a bullish crossover, and the RSI has moved higher from near-oversold levels. The critical resistance to watch is the pattern's neckline at $0.074. A confirmed breakout above this level could ignite a rally toward the $0.10 target, representing a potential 65% upside from current levels around $0.061.
