The cryptocurrency market has been trading sideways over the past 24 hours as market conditions stabilize ahead of the weekend. Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% and is trading below $78,000. Ether also risks dropping below $2,300 if the market conditions remain poor. However, PYTH, the native coin of the Pyth Network, is one of the best performers in the market. The coin is up 11% in the last 24 hours and could rally higher in the near term amid positive development within the ecosystem. Pyth Network announces infrastructure upgrade PYTH is up 11% in the last 24 hours, outperforming the broader cryptocurrency market. The coin is currently trading at $0.0510 after briefly hitting the $0.054 level during the early hours of Friday. The rally comes after Pyth Network announced an infrastructure upgrade on Thursday. Pyth Network revealed that Pythnet is being retired, Oracle Integrity Staking (OIS) reward emissions are ending, while Lazer, Pyth Pro, and the Data Marketplace are the forward infrastructure. With Pythnet sunsetting, Pyth Network added that Pyth Pro and the Data Marketplace are where new integrations are landing, where revenue is being generated, and where the network's focus sits. Pyth Network also revealed that its economic model is shifting. PYTH Reserve has been converting protocol revenue into monthly open-market PYTH purchases, executed by the Pyth DAO treasury. Under the new model, the PYTH Reserve is powered by revenue from Pyth Pro, Pyth Core, Entropy, Express Relay, and the Marketplace. Each month, the DAO deploys a third of its treasury balance to acquire PYTH from the open market. Pyth Network is making these changes amid increased adoption of its services in recent months. Earlier this week, Kalshi, one of the leading prediction marketplaces, adopted Pyth Pro to power RWA and commodities market resolution. Other leading crypto platforms that have integrated Pyth include Polymarket, Coinbase, OKX, BitMEX, and Bitget. PYTH price forecast: PYTH targets the $0.056 swing high The PYTH/USD 4-hour chart is bullish thanks to the rally over the past few hours. The coin has broken out of the previous bearish range after surging past the $0.050 level a few hours ago. The momentum indicators suggest that the buyers could push PYTH’s price higher in the near term. The Relative Strength Index (RSI) on the 4-hour chart reads 66, in the bullish zone but not overbought. This suggests that PYTH could rally higher before becoming overbought. The Moving Average Convergence Divergence (MACD) lines are also within the positive territory, adding further confluence to the bullish narrative. If the bulls remain in control, PYTH could extend its rally towards the 4-hour swing high of $0.0565 in the near term. A daily candle close above this point would expose the next major resistance at $0.0633, a level not visited since February 14. However, if the market undergoes a correction, PYTH could retrace to the Thursday low of $0.0456. The post Is PYTH set for breakout after 11% jump on Pyth Network upgrade? appeared first on Invezz
