Crypto Market Update: Pyth, Sui, and Sei Face Mixed Signals Amid New Developments

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Crypto Market Update: Pyth, Sui, and Sei Face Mixed Signals Amid New Developments
  • The introduction of Pyth Network’s SAFE/USD price feed expands access to SafeCoin across 55 blockchains.
  • Pyth Network, Sui, and Sei experience price declines, while Sui and Sei also show neutral to bearish trends.
  • Sei announces the launch of the first parallel Ethereum Virtual Machine (EVM) blockchain, Phase 2 (Alpha Launch).

Pyth Network, a decentralized financial data provider, has launched its price feed for the SAFE/USD pair. This move aims to enhance the accessibility of real-time price data for SafeCoin (SAFE), the governance token of Safe, an open-source account abstraction stack. The Pyth Network’s SAFE/USD price feed is now accessible across more than 55 blockchains, offering a broader user base access to reliable price information.

The current price of Pyth Network stands at $0.436728, with a 24-hour trading volume of $138,724,092. Despite a 0.60% decline in the last 24 hours, Pyth Network maintains a market cap of $1,583,133,561, supported by a circulating supply of 3,624,988,973 PYTH coins.

The Relative Strength Index (RSI) for PYTH on the daily price chart is 42.04, suggesting a potential consolidation or trend reversal. Traders should await confirmation from other technical indicators before making trading decisions.

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) indicator for PYTH on the daily price chart is -0.0293, signaling a bearish trend. Traders are advised to await a bullish crossover before considering long positions. 

Meanwhile, Sui, another digital asset, is priced at $1.04 and has a 24-hour trading volume of $170,975,661. Its market cap is $2,422,443,090, supported by a circulating supply of 2,339,196,966 SUI coins and a max supply of 10,000,000,000 SUI coins. 

However, the RSI for SUI is 44.01, indicating a neutral market state, while the MACD is -0.0277, suggesting a bearish trend. Traders should exercise caution and wait for potential buying or selling opportunities based on RSI fluctuations.

Source: TradingView

As of the latest update, the price of Sei stands at $0.546529, with a 24-hour trading volume of $138,053,794. Sei has a market cap of $1,598,595,915, supported by a circulating supply of 2,925,000,000 SEI coins. The RSI for SEI indicates a neutral market state, while the MACD suggests a possible bearish trend. 

Source: TradingView

In other news, Sei has announced the launch of the first parallel Ethereum Virtual Machine (EVM) blockchain. This marks the commencement of Phase 2, known as the Alpha Launch, and the platform is now open to builders and early adopters.

Validators have upgraded their software to integrate Sei V2 into the main network, ensuring that existing applications and tokens continue to operate seamlessly. This development signifies a significant step forward for developers, offering them a new design space to explore.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.