While cryptocurrencies display strength as Bitcoin seeks stability above $105,000, Pyth Network’s native token, PYTH, is experiencing considerable turbulence, losing over 8% of its value within the previous 24 hours. The alt fell from its daily peak of $0.1441 to $0.1321, an approximately 8.33% decline. The substantial dip, especially amid broad-based rallies, comes as Pyth Network anticipates a massive asset unlock in the upcoming hours. Cryptorank data shows the platform will release 2.13 billion tokens (worth $280.62 million), which represents 58.5% of PYTH’s market cap, today. Source – Cryptorank The price dip and upcoming supply surge have raised worries within the crypto community, with many anticipating heightened volatility and intensified bearish pressure in the near term. Pyth Network’s massive token unlock The project is releasing assets allocated to early investors, ecosystem participants, and contributors. The event is part of Pyth Network’s original vesting schedule and is among the most significant cliff unlocks so far. On-chain stats show the network will unlock 2.13 billion PYTH tokens (roughly 21.3% of the total supply) today. The tokens are worth approximately $280.62 million at the altcoin’s current price, translating to a massive supply shock. The enormous figure will likely flood the markets with PYTH, possibly eclipsing prevailing demand and crashing token prices. Though not all recipients will offload their assets immediately, most preemptively dump their holdings amid fears of amplified selling momentum. That explains the prevailing price declines and dwindling sentiments. 0xkeith @0xkeith · Follow $PYTH big unlock today.Might be a good idea to setup stink bids at all time low 1:38 pm · 20 May 2025 4 Reply Copy link Read more on Twitter Nevertheless, token unlocks remain a 2-edged sword for crypto investors. While the events trigger short-term volatility and price declines, they underscore progress in the asset’s roadmap. Pyth Network has been in the limelight recently as data oracle networks experienced surging demand. Notably, the project offers high-quality, low-latency financial data to decentralized applications (dApps) across crypto, Forex pairs, equities, commodities, and ETFs. The altcoin soared to a monthly peak of $0.2124 on May 9 amid positive fundamentals. However, massive unlocks overshadow the optimism. The project braces for uncertainty as over half of its circulating supply becomes liquid. PYTH price outlook The alt trades at $0.3121 with a significant price dip on the daily timeframe. Its 24-hour trading volume has increased by over 220%, reflecting surged activities, potentially from traders and investors reducing their exposure as bearish sentiments prevail. Chart by CoinMarketCap Technical indicators support PYTH’s downward trajectory. For instance, the 4H Moving Average Convergence Divergence displays seller dominance with a bearish crossover and red histograms. Also, the Relative Strength Index supports bearish tendencies as it reflects weak momentum. The impending token unlock could push PYTH prices to mid-April lows of $0.1202 – a 9% decline from the current market value. The post PYTH price sinks 8% as Pyth Network’s $280M token unlock looms appeared first on Invezz
