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The Pyth Network price soared 14% in the last 24 hours to trade for $0.6647 as of 4:20 a.m. EST time on trading volume that surged 35%.
The Solana Ecosystem’s PYTH is a hot topic on X currently, coming on the back of a community vote on-chain to approve the Pyth DAO Constitution. The constitution is vital, describing the decision-making framework for the Pyth DAO and the governing framework for the holders of PYTH.
Today, the Pyth Network community has voted on-chain to approve the Pyth DAO Constitution.
This Constitution describes the decision-making framework for the Pyth DAO and the governing framework for the holders of $PYTH.
Learn more below:
What is the Pyth DAO Constitution?The… pic.twitter.com/aTQ1JW7xT2
— Pyth Network 🔮 (@PythNetwork) February 13, 2024
Typical of the buy the rumor sell the news situation, the Pyth Network price has skyrocketed. But that suggests it may correct soon in the aftermath of the news narrative.
Pyth Network Price Outlook From A Technical Standpoint
Technical indicators support this thesis, seeing as the Relative Strength Index (RSI) position at 82 shows that PYTH is massively overbought. In addition, the reading of the Spent Output Profit Ratio (SOPR) suggests a possible pullback considering it has increased above 1 as a 30-day moving average (MA). This ratio shows that PYTH holders who are currently in profit could soon book profits for their gains.
Beyond these, the fact that the Pyth Network price has broken above the upper band of the Bollinger indicator at $0.6381 suggests PYTH is overbought. This reinforces the overbought and imminent pullback argument that the RSI is hinting at.
With this, the Pyth Network price could likely record a pullback. Key levels in such a downward directional bias include the 78.6%, and the 61.8% Fibonacci levels at $0.5458 and $0.4413 levels respectively. A break and close below the latter would invalidate the prevailing bullish outlook.
If the aforementioned levels fail to hold as support, the Pyth Network could roll over to the 50% Fibonacci level at $0.3680. In a dire case, the Solana-based token could extend a leg down to the 38.2% Fibonacci at $0.2946, or worse, the 23.6% retracement level at $0.2038.
TradingView: PYTH/USDT 1-day chart
Converse Case
On the other hand, considering the RSI remains northbound despite PYTH being massively overbought, the Pyth Network price could still extend the climb. PYTH holders who currently have open positions should keep them open until such a time when the altcoin is ripe for selling.
Enhanced buyer momentum could see the Pyth Network price clear the range high at $0.6776, with the potential to create a new local top above it.
However, those looking to take new positions should also consider waiting. The first signal for a good entry will be the SOPR rate falling below 1.
While the Solana ecosystem’s PYTH risks a correction, many investors have shifted their attention to Smog, the latest Solana meme coin sensation. Smog’s promised insane airdrop is the current mania, with analysts anticipating 100X growth potential for the token at launch.
The hope is that like BONK, MYRO, HONK, and WIF, Smog too would display massive success as the project promises to unleash a gargantuan airdrop.
Promising Alternative To PYTH
Amid hype around the Chinese Lunar New Year of the Dragon, SMOG token is rapidly gaining traction with analysts lauding it as the next big thing among meme coins on the Solana blockchain. SMOG is also poised to gain from the celebrations among Chinese communities because of its lucky dragon theme.
The project comes on the back of Jupiter’s $700 million airdrop on Solana that minted many millionaires. Smog is now offering an even larger and more enticing opportunity, what it calls ”the greatest airdrop in history, distributed on Solana.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
With a 1.4 billion token supply, the Smog team has allocated 35% for the upcoming airdrop. Interested investors only have to buy and hold $SMOG to qualify for the airdrop. With such an enticing incentive, many investors are flocking into the project, translating to enhanced token popularity.
The SMOG team has also launched a staking feature on the Ethereum network, offering a 10% discount on all SMOG tokens that you stake.
Meanwhile, Danjo Capital Master, a renowned crypto YouTuber, says that SMOG is a meme coin with the potential for a 100X return on investment.
Visit and buy the Smog token on the official website to be eligible for the upcoming historic airdrop.
Also Read:
- New Solana Airdrop-Focused Meme Coin Launched on Jupiter DEX – Could This Be the Next 1000x Coin?
- Crypto ZEUS Reviews Latest Meme Coin, SMOG, Launching the Greatest Solana Airdrop of All Time
- Latest Solana Meme Coin Smog Token Unveils ETH Bridge After Massive $37M Market Cap Debut – Investor Sentiment Boosted By Airdrop Campaign
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
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