Pyth Network price jumps 14%: Why is PYTH rising?

Pyth Network price has surged more than 14% to $0.08605 on Friday, October 9, after its decentralized autonomous organization (DAO) approved a plan to direct all eligible product revenue toward buying PYTH tokens on the open market. Pyth Network price climbed 14.20% to $0.08605, with daily trading volume reaching approximately $119 million. Pyth DAO approved allocating 100% of eligible product receipts toward PYTH purchases under OP-PIP-136 governance. Pyth reported $11.5 million in annual recurring revenue for September, up 86% quarter over quarter. PYTH faces resistance between $0.086 and $0.090, while its RSI stands near the overbought threshold.

Source: crypto.news