PYTH Jumps 17% as Trading Volume Surges Before Gate Staking Removal
Pyth Network's PYTH token climbed 17.14% to $0.0865, with 24-hour volume rising 48.43% to $61.28 million. The rally followed a breakout above $0.0632 and Pyth's announcement that it would distribute Nasdaq Basic market data. Traders are monitoring $0.08 support and Gate's planned Oct. 8 removal of its PYTH staking product.
PYTH's advance came after it cleared a resistance area around $0.0632 flagged by trader WhaleFactor, then held above $0.0800. Its hourly 20-period average sat near $0.0800 and the 50-period near $0.0755, while the RSI at 73.36 suggested overbought conditions. Volume reached $61.28 million, up 48.43%.
On Sept. 22, Pyth said it was approved to distribute Nasdaq Basic, offering U.S. equity quotes and trade data through its Data Marketplace; customers must first obtain Nasdaq's written consent. The move also followed Switchboard ending support on Sept. 25. Gate plans to remove its PYTH staking product on Oct. 8, 2026, with leftover positions redeemed automatically.
The PYTH rally and Gate’s planned staking removal could affect retail traders and Gate users who hold PYTH positions, as automatic redemptions may change their exposure. Developers seeking price feeds after Switchboard’s exit may consider Pyth, potentially influencing oracle competition. Wider crypto market sentiment may also shift, though the token’s volatility and overbought signals mean outcomes remain uncertain for everyday investors.