Pyth Network (PYTH) quickly gained traction after its price skyrocketed 77.63% in just the past 24 hours.
This surge followed the US Department of Commerce’s surprising move to begin publishing Gross Domestic Product (GDP) data on-chain via Pyth Network and Chainlink.
Pyth Network expands access to reliable US economic data on-chain
This decision means Pyth Network now plays a crucial role in distributing official economic data, not only current data but also quarterly GDP records for the past five years.
By utilizing cryptographic verification, this data is accessible to anyone without fear of tampering, increasing trust and opening new avenues for developers in the decentralized finance sector.
Pyth’s infrastructure is already quite extensive, spanning over 100 blockchains and supporting around 600 applications. This means that distributed GDP data can now be directly utilized by a variety of platforms, from lending protocols that adjust interest rates to prediction markets that rely on macroeconomic data as a benchmark.
This sentiment, in turn, has directly driven a rally in the PYTH price in the market. The token successfully broke through the 23.6% Fibonacci level at $0.2046 and is now trading around $0.208.
Interestingly, technical indicators also confirm the upward momentum. The 14-day RSI is at 71.29, indicating overbought conditions, while the MACD histogram at +0.0093 indicates continued strong bullish momentum.
Furthermore, analysis from Solberg Invest assess a key level at $0.32 that must be broken and maintained to maintain the trend. If this area is maintained, the next price target is $0.48, with an optimistic projection that it could even reach $0.93 by 2025. This estimate is based on a breakout from the massive falling wedge pattern that previously suppressed the price.
Furthermore, the news that official government GDP data is now running on a decentralized network is considered to bring a new dimension to crypto adoption.
Data that is usually only presented through traditional releases can now be directly accessed by the public on major blockchains like Bitcoin, Ethereum, and Solana. For some, it’s not just about technology, but also about transparency and openness of information.