TL;DR
- Solana-based oracle platform, Pyth Network, gets listed on Binance on February 2, 2024.
- Binance categorizes PYTH with the Seed Tag, signifying high potential and risk.
- Technical analysis suggests a 67.5% increase towards the $0.83 zone.
The Pyth Network, an oracle platform built on Solana, has achieved listing on Binance, a major global cryptocurrency exchange. Starting from February 2, 2024, at 12:00 (UTC), Binance users can engage in spot trading with new pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY. This marks a significant advancement for the Pyth Network and its community.
Binance awards PYTH the prestigious Seed Tag, reserved for tokens representing innovative projects with promising potential, higher volatility, and risk. Binance’s caution regarding the relatively new token indicates above-average risk. With the potential for high price volatility. Urge users to exercise sufficient risk management, conduct research on PYTH’s fundamentals, and fully understand the project before trading the token.
Investors are urged to trade cautiously with PYTH
Due to its Seed Tag status, Binance introduces educational steps for users dealing with PYTH or similar tokens. These steps include mandatory quizzes every 90 days to ensure users comprehend the associated risks with these potentially more volatile assets.
A positive technical analysis of PYTH emerges. The recent breakout from a cup and handle formation. A bullish technical indicator, suggests a potential price increase of 67.55% towards the $0.83 zone. Contingent on overcoming resistance near the November 2023 highs of $0.55.
However, potential investors must consider the warning about PYTH’s inherent risk profile. As with any cryptocurrency, especially those with the Seed Tag, PYTH’s market performance is subject to high volatility.
The listing on Binance and the spotlight on the oracle network underscore the growing significance of Solana and associated projects in the crypto ecosystem. The Pyth Network, by providing real-time market data directly to blockchains. Positions itself as a crucial component in the development of decentralized applications and blockchain-based financial services.
