Wormhole price soars 32% as Pyth Network wins U.S. data deal

Wormhole’s has risen 32% after the U.S. Department of Commerce announced that it will begin publishing official economic data on-chain through Pyth Network, with Wormhole powering its multichain distribution.

Trading at $0.0982 at press time, Wormhole (W) is up 26% on the week and 20% over the past 30 days, with market capitalization now at $464 million. Trading volume soared 1,011% to $385.5 million. 

Wormhole’s derivatives volume also surged 903% to $561.6 million, according to Coinglass data, while open interest increased 95% to $74.2 million. The steep rise indicates increased speculative positioning, with traders placing bets on additional volatility following the government agreement.

Government deal drives market sentiment

The Commerce Department revealed on Aug. 28 that it will use Pyth Network (PYTH) to verify and distribute U.S. economic data on-chain, beginning with five years of historical quarterly GDP data. 

Wormhole is the interoperability layer that enables these feeds to be securely transmitted between more than 30 blockchains, such as Solana (SOL) and Ethereum (ETH). While Pyth manages verification, Wormhole makes sure the data is transferable, impenetrable, and available in various ecosystems.

In line with a 2025 executive order mandating that agencies embrace blockchain for transparency and record-keeping, the initiative is one of the most visible government endorsements of decentralized infrastructure to date.

Wormhole also revealed the expansion of multichain tokenization capabilities on the same day, announcing the launch of its Native Token Transfers framework on Sui (SUI) Network. Total value locked across Wormhole-linked protocols has risen around 45% since early August.

Wormhole price technical analysis

Wormhole’s price is holding just below $0.10 after plunging to $0.070 last week. All short- to mid-term moving averages point upward, and Momentum and the MACD both print buy signals, indicating a largely bullish bias.

There is still an opportunity for additional gains without reaching overbought conditions because the relative strength index at 62 is still neutral.

A breakout toward the psychological $0.12 resistance is feasible if W consolidates above $0.095, with $0.15 as the next target in a bullish continuation. On the other hand, a retracement toward $0.08, where the 20-day EMA and previous support converge, might occur if current levels are not maintained.