Pyth Network and Chainlink prices continued soaring this week as a sense of greed spread in the crypto market. PYTH reached an all-time high of $0.65, which was 195% above its lowest point this year, giving it a market cap of over $943 million. LINK, on the other hand, continued its strong bull run, reaching a high of $21 on Tuesday.
Two of the biggest oracle networks
Chainlink and Pyth Network are two of the biggest players in the oracle industry with $19 billion and $2.9 billion in total value secured (TVS), respectively. For starters, oracles are essential tools that help developers link off-chain data like market feeds to the on-chain environment.
Chainlink helps to secure some of the most popular networks in the DeFi industry like AAVE, Compound, and dYdX. It secures platforms across all blockchains like Ethereum, Solana, and Avalanche.
Pyth Network, on the other hand, secures assets mostly in the Solana ecosystem. Some of the most notable platforms are Marginfi Lending, LayerBank, Solend, and Jupiter Perpetuals.
Analysts believe that demand for oracle networks will continue rising as the blockchain industry grows. In addition to DeFi, these platforms are useful in other areas like proof of reserves and tokenization.
Chainlink has a big role in the latter through irs Cross-Chain Interoperable Protocol (CCIP). This explains why LINK has jumped to the highest point this year. For one, Chainlink has some of the top partnerships in the industry, including with Swift and ANZ Bank.
Chainlink price prediction
Chainlink token price has been in a strong upward trend in the past few months. Precisely, it has jumped from last year’s low of $5.15 to $21, representing a 340% increase. This makes LINK one of the best-performing big cryptocurrencies.
LINK price has crossed several key levels in this uptrend. For example, it managed to flip the key psychological points at $10, $15, and $20 into supports. The most recent level to flip was $17.73, which was the highest point in December.
Chainlink has remained above the 50-day and 100-day Exponential Moving Averages (EMA). Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have also jumped sharply. Therefore, the outlook for the Chainlink price is bullish, with the next point to watch being at $30.
Read more: How to buy Chainlink.
Pyth Network price forecast
PYTH price has embarked on a strong bullish trend in the past few weeks after launching its airdrop. In this period, this token has jumped to a record high of $0.65, which was 193% above its lowest point this year.
Pyth has remained above the 50-period and 25-period moving average, which is a positive sign. It has recently moved above the key point at $0.5930, its highest swing on February 2nd. Further, the ReSI and the Percentage Price Oscillator (PPO) have continued rising.
Therefore, the outlook for the PYTH token is bullish, with the next point to watch being at $0.85. This rally will likely continue as the ongoing crypto rally gains steam.
Which is a better buy between LINK and PYTH?
Therefore, a popular question is on the better buy between LINK and PYTH tokens. I believe that Chainlink is still a better buy because of its strong market share, which is still growing. Chainlink is what crosses your mind first when you hear about oracle networks.
Chainlink also has a longer track record and is having strong staking rewards. A look at Chainlink’s V2 staking shows that investors are earning over 4%. Most importantly, the networks it secures have a big market share in the DeFi industry. For example, AAVE and Compound are all in the top ten of the DeFi industry.
