PYTH jumps 14% as Pyth Network launches 24/7 market indices

PYTH is one of the best performers in the market, up 14% in the last 24 hours.

The positive performance comes after Pyth Network unveiled Pyth Indices, a 24/7 market data platform designed to price virtually any asset in real time.

The technical indicators are also in the positive zone, suggesting that PYTH could extend its rally in the near term.

Pyth Network launches Pyth Indices

Pyth Network announced on Wednesday that it has launched Pyth Indices, a 24/7 market data platform designed to price virtually any asset in real time—starting with proprietary indices across US equities, oil, metals, and thematic baskets co-developed with MarketVector Indexes, a VanEck company. 

Pyth Indices will go live with several major partners integrating the new pricing infrastructure into their trading ecosystems.

According to Pyth, Coinbase is using Pyth and MarketVector’s framework to launch thematic equity index futures, including AI10, Defense10, China10, and Tech100. 

Kraken is integrating Pyth Indices to support continuous derivatives pricing, including new oil perpetual contracts. 

Finally, dYdX and Nado are using the Pyth 24/7 Oil Index as a pricing benchmark for perpetual contracts, providing a multi-source reference price instead of relying solely on exchange order books.

For multi-asset basket indices, Pyth is partnering with MarketVector Indexes, a VanEck company and regulated benchmark administrator.

MarketVector is responsible for index methodology and governance, while Pyth supplies continuous market data and pricing infrastructure.

Pyth Network concluded that by extending 24/7 indices across equities, commodities, and thematic baskets, the company is attempting to build foundational infrastructure for the next era of financial markets. 

In addition to this fundamental news, retail participation in PYTH has also increased, painting a bullish picture. 

PYTH’s futures Open Interest (OI) reads $21 million, up 13% in the last 24 hours.

However, the long-to-short ratio stands at 0.82, indicating that the bulls are yet to fully regain control of the market. 

The funding rate has flipped positive and currently reads 0.0024%. The positive funding rate means that the longs are paying the shorts in the market.

PYTH price analysis: Bulls target the $0.043 swing high

The PYTH/USD 4-hour chart is bullish and efficient thanks to Pyth’s ongoing rally.

The technical indicators have also switched bullish, suggesting that buyers are now in control of the market.

The Relative Strength Index (RSI) stands at 63, indicating a bullish scenario but not yet in the overbought region, leaving room for further rally.

The Moving Average Convergence Divergence (MACD) is also within the positive territory, adding further confluence to the bullish narrative.

If the rally continues, PYTH could surge towards the first major resistance level at $0.0389.

A daily candle close above this level would allow it to target the 4-hour swing high at $0.043.

However, if the market undergoes a correction, PYTH could drop to the first major support level at $0.0304.

A decisive break below this level would expose lower demand zones at $0.0297 and $0.0250.