Pyth Network's (PYTH) price surged by nearly 70% on August 28, reaching a $1 billion market capitalization for the first time since May. This massive rally was triggered by an announcement from the U.S. Department of Commerce that it will use both Pyth Network and Chainlink to publish official economic data on nine different blockchains.
The Bureau of Economic Analysis (BEA) will now distribute key macroeconomic indicators, such as GDP and the PCE Price Index, via these two oracle networks. Mike Cahill, the CEO of Pyth's parent company, Douro Labs, was the only executive quoted in the official press release, highlighting Pyth's prominent role in this initiative.
While Chainlink's LINK token gained a modest 4%, PYTH dramatically outperformed it with a 68% jump in a single day. The token had hit a monthly low of $0.10 just two days earlier, meaning traders who bought the dip saw gains of nearly 95%.
Despite its overbought Relative Strength Index (RSI), technical indicators for PYTH show strong buying momentum. A "golden cross" has formed on the chart, where the 5-day SMA crossed above the 8-day and 13-day moving averages. The sharp 330% increase in intraday spot volume suggests that buyer fatigue has not yet set in.
Analysts believe if PYTH can hold its price above $0.18, it could retest resistance levels at $0.21 and $0.24. On the other hand, a drop could find support at $0.15 and $0.13. The article also notes that as traders take profits from the PYTH rally, some speculative capital may be flowing into early-stage projects like SUBBD ($SUBBD), an AI-powered platform for content creators that has already raised over $1 million in its presale.
August 2025, Cryptoniteuae