Pyth Network Price Forecast: PYTH gains bullish momentum as 100% revenue buyback rule takes hold
- Pyth Network is up nearly 3% so far on Friday, building on the 10% rise from the previous day.
- The OP-PIP-136 proposal approval redirects 100% of its revenue to buy back PYTH tokens, up from 33%.
- PYTH’s technical outlook shows a bullish bias, with buyers eyeing a move toward the $0.1000 mark.
Pyth Network (PYTH) price advances above $0.0800 at press time on Friday, building on the 10% jump from the previous day. The rally aligns with the approval of the OP-PIP-136 proposal, confirming a complete transfer of protocol revenue to PYTH token buybacks. PYTH must surpass the previous week’s high around $0.0887 to potentially extend its rally toward the $0.1000 psychological threshold.
Pyth DAO shifts complete focus to buybacks
Pyth Network’s OP-PIP-136 proposal, approved on September 24, takes effect on Thursday, redirecting 100% of its revenue to the PYTH token buyback. The announcement also emphasized annualized revenue growth from less than $1 in 2025 to more than $11.5 million in September 2026, likely driven by demand for Real-World Assets (RWA) perpetuals, as Pyth is an external distributor of Nasdaq Basic and accounts for 95% of tracked RWA perp volume.
Technical outlook: Will PYTH price reclaim $0.10?
Pyth Network extends gains on Friday, inching closer to the previous week's high around $0.0887. The PYTH token retains a bullish near-term bias, holding well above both the 50- and 200-day Exponential Moving Averages (EMAs) at $0.0643 and $0.0557, respectively.
Momentum remains constructive on the daily chart, with the Relative Strength Index (RSI) rising to 67, hinting at strong but not yet extreme momentum, while the Moving Average Convergence Divergence (MACD) is marginally below its signal line, suggesting modest upside momentum.
A confirmed breakout above $0.0887 could extend PYTH's rally toward the $0.1000 threshold. Looking up, the Fibonacci retracement from $0.0457 to $0.0887 highlights the 127.2% and 161.8% extension levels at $0.1004 and $0.1153 as the next crucial technical resistances.
On the downside, initial support emerges at the September 22 high around $0.0741, followed by the 50% retracement level at $0.0672 near the 50-day EMA at $0.0643.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
