Why PYTH crypto’s 14% rally could extend as staking hits $92.76M

Pyth Network [PYTH] gained about 14% in the past day at press time, as capital kept building in the market. The gain was cuased by a combination of factors, including the asset’s performance in the Spot and Perpetual markets, as well as growing Staking activities.

The market activities, while showing a clear sign of growing bullish dominance in the market, have also had some level of bearish interest, as the liquidation gap between lost Capital remains a must-watch.

Here’s how PYTH crypto surged

The growth witnessed with PYTH can be tracked to the activities that have been happening in the Perpetual and Spot markets.

On the Perpetual side, the Open Interest (OI) Weighted Funding Rate has a reading of roughly 0.0056% on the chart. This metric tracks the capital balance in the market based on whether traders hold long or short positions.

When the reading is positive, as in this case, it confirms that the bulls are actively dominating in terms of positioning for the upside. Currently, the Perpetual market Open Interest surged over 10% to $57 million, according to CoinGlass.

The Spot market has also shown a mildly bullish position in the market, with a little over -$16,000 in Netflow at the time of writing. However, sustained profit-taking could still emerge if the rally extends further.