A cryptocurrency analyst with a large following is talking about a token that he expects to explode 90X. In this context, the analyst expresses bullish sentiment on the native token of a Blockchain oracle network that launched its mainnet earlier this week and explains the reasons. After this, the analyst explains his goals with a timeline for the altcoin.
Analyst sees 90X potential for this altcoin!
As you follow on Kriptokoin.com, Chainlink attracts attention in the market with its unique structure. However, an altcoin project that has the potential to rival it has also entered the market. The anonymous host of crypto YouTube channel InvestAnswers says he is bullish on Pyth Network (PYTH) after modeling the future price of PYTH based on market cap share compared to Pyth Network rival Chainlink (LINK). According to the analyst, as the market cap share increases compared to Chainlink, PYTH’s explosion potential will also increase. In this context, the analyst
The bearish scenario is $1.48 by 2025 (when PYTH’s share of market cap relative to Chainlink is 20%). If it reaches 30% of Chainlink’s market cap, it could rise to $2.78. If PYTH reaches half of Chainlink’s market cap, it could rise to $5.16… If PYTH reaches Chainlink’s market cap, which is technically possible, and Chainlink hits its Super Bowl target of $27-28 billion, PYTH’s price could reach $10.74. Or if you average all of these, PYTH could reach $5.04 by 2026. That’s why I’m bullish.
Source: InvestAnswers / YouTubeMeanwhile, PYTH was trading at $0.48 at the time of this writing. Therefore, the InvestAnswers server needs to rise by approximately 1,000% to reach the altcoin price target. Chainlink’s market cap currently stands at just under $8 billion. However, Pyth Network’s market value is around $717 million. According to the analyst, whether PYTH’s price targets will be achieved depends entirely on how Chainlink will perform and how PYTH will compete.
PYTH rose after airdrop and then lost altitude
Pyth Network made a striking debut with its native token PYTH. It entered the market amidst high expectations and immediately caught the attention of the market. The altcoin initially reached a market cap of over $800 million. However, after this release, it fell to $457 million. PYTH, which later started to rise again, increased its market value to 717 million dollars. Thus, it exhibited the usual volatility of the crypto world.
On the other hand, Token’s tenacity was impressive. The bulls pushed the altcoin price from an intraday low of $0.3392 to a 24-hour high of $0.479 before encountering resistance. Additionally, at the time of writing, PYTH was trading at $0.48, down 26% on a daily basis. The 24-hour trading volume of the token is at the level of 160 million dollars. The 32% decline in market volume indicates declining investor interest.
PYTH daily price chart. Source: CoinMarketCap
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