$PYTH is up 75% in the last seven days and 155% over three months, and unlike a lot of September’s other movers, this one has two dated, named catalysts behind it, not just a chart pattern.
The token traded at $0.0858 at the time of writing, up more than 5% just today, after closing four straight sessions above $0.06 for the first time since May.
The Chart: Two Separate Breakout Legs
PYTH spent most of August pinned in a $0.038-$0.042 range. In mid-September it broke that range on the first leg up, then broke out a second time this week in a much steeper move, tearing from roughly $0.058 to an intraday high near $0.089.
Two distinct legs, two distinct triggers. The first lines up with a Solana oracle shutting down and pointing its users at Pyth. The second lines up with Pyth landing a Nasdaq data deal.
A Rival Oracle Just Told Its Users To Migrate To Pyth
On September 19, Switchboard, a Solana-native oracle provider, announced it was deprecating its entire oracle network, with support ending September 25. Its own migration guidance named two replacements: Pyth Network and RedStone, calling Pyth the most widely deployed oracle on Solana and the direct alternative for most affected protocols.
The protocols that leaned on Switchboard are not small: Kamino Lend held $1.39 billion on Solana, Jito’s liquid staking product $1.16 billion, Drift Protocol $314.8 million, and MarginFi $47.0 million. That is roughly $2.9 billion in combined TVL that needed a new price oracle inside a six-day window, with Pyth named as the default landing spot.
Then Nasdaq Made It Official
On September 22, Pyth’s own blog announced it had been approved as an external distributor of Nasdaq Basic, Nasdaq’s proprietary real-time quote and trade feed for U.S. equities, to be carried through Pyth’s Data Marketplace product.
This is not Pyth’s first Nasdaq deal. It follows a June 2026 agreement that put Nasdaq’s TotalView depth-of-book data on the same marketplace. The Basic feed announcement alone was reported to have moved the token more than 8% that day, before this week’s much larger move.
What The Derivatives Market Says
Despite the size of the move, PYTH’s futures market is not showing signs of a crowded, euphoric long trade. Binance perpetual open interest sits at roughly $12 million, funding is only mildly positive at 0.0050%, and the 24-hour long/short split is close to even, 47.65% long to 52.35% short.
A 75% weekly move with funding this mild and positioning this balanced suggests the rally is still being driven mostly by spot buyers reacting to the two catalysts above, not by leveraged longs piling into a squeeze.
How Much Of This Is Just Bitcoin
$PYTH’s 30-day rolling correlation to Bitcoin sits at about 0.52, meaning roughly half of its recent price behavior tracks the broader market and roughly half is specific to Pyth itself. Bitcoin has been essentially flat over the same stretch, which points toward the oracle-migration and Nasdaq news carrying most of the actual weight here rather than a market-wide risk-on wave lifting everything at once.
The Takeaway
$PYTH’s rally has something a lot of September’s other big movers didn’t: two separate, dated, named events, a rival oracle shutting down in its favor and a second real Nasdaq distribution deal, landing three days apart. The futures market has not gotten greedy about it yet. Whether Pyth actually converts the Switchboard refugees and the Nasdaq feed into durable revenue, or the move fades once the news cycle does, is the next thing worth watching.
